Binance launches Bitcoin cloud mining services amidst regulations.

Summary

  • Binance has launched cloud mining services for Bitcoin.

  • The service is available for purchase on the Binance global website, but not in the United States.

  • Users can purchase 1 Terahash per second (Th/s) for $10.7280, with a chance to earn 0.0004338 BTC during the 180-day period of the subscription.

  • Binance is facing regulatory pressure in the United States, with the SEC suing the company for allegedly breaking securities laws.

  • The SEC has also filed for a temporary restraining order to freeze Binance.US’s assets.

  • Binance.US has hired former SEC enforcement co-director George Canellos as part of its legal team to defend against the allegations.

  • Rival exchange Coinbase has also been sued by the SEC for failing to register as a broker, national securities exchange or clearing agency.

Binance launches its Bitcoin mining cloud services

Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched Bitcoin subscription-based cloud mining products. Starting on June 15th, Binance users who are interested in Bitcoin mining but do not have the necessary hardware can subscribe to the exchange’s cloud mining services and purchase hashrates. The more hashrate a user purchases, the higher the probability of earning more Bitcoin through mining. The product will be available for six months, and for each TH/s purchased, users stand a chance to earn 0.0004338 BTC during the subscription period. The service is available on the Binance global website, but not in the United States.

Source: https://twitter.com/binance/status/1669212701443379201

Binance continues to face regulatory pressure

Binance is currently facing regulatory pressure in the United States. Earlier this month, the SEC sued Binance for allegedly breaking securities laws and filed for a temporary restraining order to freeze Binance.US’s assets. Binance.US has hired former SEC enforcement co-director George Canellos as part of its legal team to defend against the allegations. Last week, Binance.US announced the suspension of USD deposits on its platform as it transitions into an all-crypto exchange. Coinbase, a rival cryptocurrency exchange, has also been sued by the SEC for failing to register as a broker, national securities exchange or clearing agency.