•Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products.
•The product is currently available on the Binance global website, which means that it is not available to its users in the United States.
•This development comes at a time when Binance is facing regulatory pressure in the United States from the Securities and Exchange Commission (SEC).
Binance Introduces Bitcoin Mining Cloud Services
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has introduced new Bitcoin subscription-based cloud mining products. Starting today, June 15th, Binance users interested in mining but without their own hardware can subscribe to the cryptocurrency exchange’s cloud mining services and purchase hashrates. The product is currently available on the Binance global website, but not to users in the United States due to current regulations.
Hashrate and Earnings
At the moment, Binance is selling 1 Terahash per second (Th/s) for $10.7280 USD. As users purchase more hashrate, their probability of earning more via Bitcoin increases. For each TH/s purchased through this service, users have a chance of earning up to 0.0004338 BTC within 180 days of use.
Regulatory Pressure Faced by Binance
The introduction of these services comes at a time when Binance is facing regulatory pressure from US authorities; earlier this month, The US Securities and Exchange Commission (SEC) filed a lawsuit against them for allegedly breaking securities laws and frozen their assets with a temporary restraining order. In response to these accusations, Binance hired former SEC enforcement co-director George Canellos as part of their legal team as they fight against these allegations against them. Furthermore last week they announced that they would suspend US dollar deposits on their platform while transitioning into an all-crypto exchange instead; similar accusations have also been made towards rival crypto exchange Coinbase who failed to register as either a broker or national securities exchange or clearing agency with SEC according to reports.
Conclusion
In conclusion Binance has introduced new Bitcoin subscription-based cloud mining products despite facing regulatory pressure from US authorities while Coinbase also faces similar accusations from SEC for failing register properly according to regulation standards set by them .