Binance, the world’s largest digital asset exchange, is preparing to resolve pending regulatory and law enforcement investigations in the United States by paying fines and other types of penalties.

According to an article published in the WSJ on Feb. 15 citing the company’s chief strategy officer Patrick Hillmann, Binance has been working with authorities to rectify previous compliance difficulties.

Binance is “working with the authorities to find out what are the remediations that we have to go through today to apologize for that,” according to Hillmann, who is Binance’s Chief Compliance Officer.

He went on to say that the conclusion of the current investigations would surely be sanctions, but there is also the possibility of other consequences.

In the United States, cryptocurrency exchange Binance has been the focus of many investigations, including one launched in 2018 by the Department of Justice into alleged violations of anti-money laundering laws.

Additionally, the Commodity Futures Trading Commission conducted an investigation in March 2021 to determine whether the company traded cryptocurrency futures to consumers in the United States without first registering with the agency.

In February this year, the Securities and Exchange Commission launched an investigation into Binance’s US subsidiary in connection with business entities linked to the company’s CEO, Changpeng Zhao.

Binance is “very confident and feels extremely good about where those negotiations are going,” according to Hillmann, who also said the company was unable to give a number on the amount of the sanctions or a timetable for when they would be resolved with the US. authorities.

According to him, this is a “particularly challenging period for us” as there is a lack of clarity about cryptocurrencies in the United States.

The Securities and Exchange Commission (SEC) has of late intensified what some in the industry are calling a “war on cryptocurrency.” This “war on cryptocurrency” appears to be targeting specific staking services and stablecoins, both of which have been determined by the SEC to be subject to securities regulations.

The Binance CEO said, in reference to the current enforcement effort, that it “would have a tremendously significant and lasting chilling impact in the United States.”

Paxos ran into trouble with New York authorities earlier this week, resulting in the company being banned from launching any more Binance-branded BUSD stablecoins.

As a result of the SEC’s enforcement action, American cryptocurrency exchange Kraken was forced to suspend its staking services and was fined thirty million dollars just a week ago.

Patrick Hillmann came to the conclusion that finding a solution to the problems with the US authorities would be beneficial to the company and its future.

“It will be a fantastic moment for our company because it will allow us to put it behind us,” said the CEO. “It will allow us to put it behind us.”

Binance does not want to comment further on the matter and therefore declined to do so.