Binance Launches Bitcoin Mining Cloud Service Despite US Pressure

• 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 and users can purchase 1 Terahash per second (Th/s) at $10.7280 for a six-month period.
• Despite this development, Binance is facing regulatory pressure in the United States from the SEC who have sued them and requested a temporary restraining order to freeze their assets.

Binance Launches Cloud Mining Services

Binance, one of the world’s largest cryptocurrency exchanges by daily trading volume, has launched new Bitcoin subscription-based cloud mining products. Starting today, June 15th, users interested in Bitcoin mining but without the hardware can subscribe to Binance’s cloud mining services and purchase hashrates.

Product Details

The cryptocurrency exchange is selling 1 Terahash per second (Th/s) at $10.7280 for a six-month period. As a user purchases more hashrate, they stand a chance to earn 0.0004338 BTC during that 180-day period as well as increase their probability of higher income in terms of Bitcoin earned through mining. The product is currently available on the Binance global website which means it is not available to users in the United States.

Pressure From US Regulatory Agency

This launch comes at a time when Biance is facing regulatory pressure from the United States Securities and Exchange Commission (SEC). Earlier this month, they were sued by SEC for allegedly breaking securities laws and now have been asked to freeze their assets with a temporary restraining order being filed against them. In response, Bance US has hired former SEC enforcement co-director George Canellos as part of its legal team while also suspending USD deposits on its platform as it transitions into an all crypto exchange mode.

Similar Situation With Coinbase

Coinbase too has had similar issues with SEC suing them for failing to register as either broker or national securities exchange or clearing agency .

Conclusion

Despite current regulatory issues faced by both Coinbase and Biance , both companies continue to explore ways to expand their services into new areas such as cloud based mining services for cryptocurrencies like Bitcoin .