Binance.US also announced delisting of USD trading pairs next week and the imminent pause of fiat withdrawals starting June 13.
Aside from his legal battle in Montenegro over his alleged forged travel documents, the country's prime minister has also ordered the prosecution to investigate Kwon's ties with the leader of the Europe Now political party.
"As we conveyed nearly four months ago, Mr. Gensler should have been recused from any consideration in this matter based on this history and the prospect that Mr. Gensler may be a material fact witness," Binance's lawyers told the SEC in a letter.
Aside from his over six years of prison sentence, the 64 years old businessman from Arizona was ordered by the court to "pay a forfeiture of $740,249,140.52 and restitution in the amount of $53,189,261.80 to the AAF."
Changpeng Zhao is no stranger to FUD or the crypto speak for fear, uncertainties and doubts, since Binance has become a magnet of a lot of controversies over the past years.
While former Finance Minister Milojko Spajić confirmed he knew Kwon, he denied the crypto executive's claim and called him a "fraudster who defrauded millions of people."
"We continue to believe that rules of the road, from legislation or rulemaking or both, must come before enforcement actions. That is why we petitioned the SEC for rulemaking nearly a year ago in the first place," Coinbase chief legal counsel Paul Grewal said.
Binance immediately responded to the news about the SEC filing the emergency motion in an attempt to quell potential unrest and anxiety among its clients, and called the motion "unwarranted" and executed on an "expedited basis."
The lawsuits against Binance and Coinbase, according to the SEC chairman, took a while to produce due to the amount of work required.
The SEC filed a lawsuit against Coinbase on Tuesday alleging that the exchange has been operating an unregistered exchange, broker, and clearing agency.
The SEC sued Coinbase on Tuesday just a day after filing 13 charges against major exchange platform Binance.
The financial regulator's action was not taken lightly by the crypto community, with its personalities immediately viewing the move as "an act of war."
Marat Tambiev's court appearance is set for Monday, during which the prosecutor aims to confiscate all of his alleged unlawfully acquired funds.
In its court filing, the crypto trade group argued that the decision to sanction the crypto mixing tool mirrored the basic misunderstanding of the software and how it functioned.
Dubai has created a regulator to oversee the digital asset industry in the UAE.
CZ recently said that for Binance to comply with all the regulatory requirements set by the OSC, it needs to build new, customized solutions that will most likely cost a lot of money.
The former SEC official also underlined how "social media has become the virtual rope that many crypto bros (and sisters) use to hang themselves."
Despite the issues they are currently faced with, the Winklevoss twins appear optimistic about the future.
ByBit said it would no longer accept account opening applications by any identified Canadian residents and existing Canadian nationals starting Wednesday.
However, the latest Fiscal Responsibility bill still requires the approval of Congress before it could take effect.
The CEO previously said that Judge Torres might make a summary judgment decision before the end of Q3 2023 since the case has been fully briefed and the judge had all the pertinent details to come up with a verdict.
Industry watchers speculated that Hong Kong could be China's testing ground for reopening its doors to digital assets and the recent segment in CCTV is a positive indication of China's potential renewed interest in cryptocurrency.
The special report in question disclosed that "Binance mixed $20 million from a corporate account with $15 million from an account that received customer money," based on a February 10, 2021, bank record.
Hotbit users have until June 20 to withdraw their assets from the cryptocurrency exchange platform.
Gemini, in a most recent update, expressed its willingness to work with Genesis in its restructuring plan without the participation of the crypto lender's parent company DCG.
The Malaysian Securities Commission has informed its investors that Huobi Global has been operating in the country despite it not being registered with the regulatory body since last year.
A known Amicus Curiae in the ongoing Ripple lawsuit highlighted a footnote and reply briefs submitted in the court by the SEC, one of which clearly highlights that XRP failed the Howey Analysis.
"I'm sure everybody wishes that something better had happened," U.S. Bankruptcy Judge Michael Wiles said, adding, "We are where we are, we're trying to do the best with where we are."
A federal judge said SEC can't seal the documents tied to former director William Hinman's speech.
After repeated calls for Congress to intervene, the U.S. House Committee on Financial Services recently burned the SEC chair and the entire agency for failing to provide responses to inquiries from crypto entities.