• Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched its 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.
• These developments come as Binance faces regulatory pressure from the US Securities and Exchange Commission (SEC).
Binance Launches Bitcoin Cloud Mining Products
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products. Starting today, June 15, Binance users interested in Bitcoin mining but who don’t have the hardware can subscribe to the cryptocurrency exchange’s cloud mining services and purchase hashrates. At the moment, the cryptocurrency exchange is selling 1 Terahash per second (Th/s) at $10.7280. As a user purchases more hashrate, they stand a chance to earn 0.0004338 BTC during a 180-day period.
Product Available Globally Except US
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 decision comes amidst increasing regulatory pressure from US law enforcement authorities on crypto exchanges like Coinbase and Binance US.
Regulatory Pressure From SEC
Binance continues to face considerable regulatory pressure from US government agencies like The Securities and Exchange Commission (SEC). Earlier this month, The SEC sued Binance for allegedly breaking securities laws and filed for a temporary restraining order to freeze assets of its subsidiary – Binance USA. Moreover, last week Coinbase was also sued by The SEC for failing to register as either a broker or national securities exchange or clearing agency .
George Canellos Joins Legal Team
To defend itself against these legal allegations brought forward by The SEC, Binance USA recently hired former SEC enforcement co-director George Canellos as part of its legal team . Additionally , USD deposits were also suspended on their platform so they could transition into an all-crypto exchange mode .
In conclusion , despite facing increased regulatory pressure in The US , Biance has managed to launch its Bitcoin cloud mining services globally except for customers within The United States . This move will enable customers without access to hardware to participate in bitcoin mining activities through subscription based services offered by The Exchange .