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Paradigm opposes SEC’s Binance lawsuit by filing brief; Google Cloud becomes Polygon Labs validator

Paradigm opposes SEC’s Binance lawsuit by filing brief; Google Cloud becomes Polygon Labs validator
Binance CEO Changpeng Zhao gets some back-up from Paradigm. Credit: Lafargue Raphael/ABACA/Shutterstock

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Paradigm says it’s not directly involved with Binance but still opposes the US Securities and Exchange Commission’s lawsuit against the crypto exchange and has filed a brief in the case as an observer. In other news, Gemini is stopping crypto services in the Netherlands, a former staffer from the Obama administration is joining Ripple, and Google Cloud will serve as a validator in Polygon Labs’ PoS network. Read on!

Paradigm says SEC exceeded boundaries

Venture capital firm Paradigm accused the SEC of bypassing standard procedures in its legal action against Binance and its CEO Changpeng Zhao, Cryptotelegraph reported.

Paradigm said in a statement that it “was not an investor in Binance and has no direct financial interest in the outcome of the lawsuit.” Still, it said the SEC was exceeding its regulatory boundaries, which Paradigm opposes. Paradigm added that it has filed an amicus brief as an observer in the case.

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Gemini stopping Netherlands crypto services

Crypto exchange Gemini will halt crypto services in the Netherlands because of requirements imposed by the De Nederlandsche Bank, according to a statement on its website.

Customers were asked to withdraw all fiat and crypto asset balances from their Gemini accounts by November 17.

Former Obama staffer joins Ripple

Lauren Belive, a former Obama administration staffer, was appointed head of US public policy and government at blockchain-based digital payment network Ripple, Cryptoglobe reported.

Belive said in a statement on LinkedIn that: “With regulatory landscapes evolving, it’s paramount that we advocate for policies that not only support the crypto industry but also the countless individuals and businesses that could benefit from these advancements.” Belive has also worked in government relations for Lyft, Zoom, and Softbank.

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Google Cloud becomes Polygon validator

Google Cloud has joined Polygon Labs’ Proof-of-Stake network as one of its decentralised validators, Cryptonews reported.

It will become one of more than 100 validators helping to secure the blockchain of Polygon, which develops Ethereum scaling solutions.

CFTC charges Mosaic with fraud

Crypto trading platform Mosaic Exchange and its owner were accused by the US Commodity Futures Trading Commission of running a “fraudulent digital asset commodity scheme,” The Block reported.

The CFTC’s complaint alleges “the defendants fraudulently solicited and induced at least 17 people in the US and other countries to give them hundreds of thousands of dollars worth of bitcoin or other funds for the defendants to trade bitcoin and other digital asset commodities on the customers’ behalves, and misappropriated customer funds,” the agency said in a statement.

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