• 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, meaning that it is not available to its users in the United States.
• Binance is facing regulatory pressure from the United States Securities and Exchange Commission (SEC) who have sued them for allegedly breaking securities laws.
Binance Launches Cloud Mining Services
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has launched new Bitcoin subscription-based cloud mining products. Starting today, June 15th, 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, their probability of higher income increases in terms of Bitcoin earned through mining. This service will be active for six months and each TH/s purchased stands a chance to earn 0.0004338 BTC during this 180-day period.
Not Available To US Customers
Unfortunately for US citizens looking to take advantage of this opportunity, this product is only currently available on the Binance global website meaning that US customers are unable to access these services just yet.
Regulatory Pressure
The launch of these services comes at a time when Binance is facing regulatory pressure from the United States Securities and Exchange Commission (SEC). The SEC has filed suit against them for allegedly breaking securities laws and requested a temporary restraining order to freeze Binance US’s assets in response. In an effort to defend itself against these allegations, Binanace US has hired former SEC enforcement co-director George Canellos as part of its legal team and announced last week that they would be suspending USD deposits on their platform while transitioning into an all-crypto exchange.
Other Exchanges Facing Regulatory Pressure
Binanace isn’t alone however; rival cryptoexchange Coinbase was also recently sued by SEC for failing to register as a broker or national security exchange or clearing agency and must now face similar scrutiny from regulators as well as potential penalties if found guilty of misconduct.
Conclusion
Despite being faced with regulatory scrutiny from authorities such as The United States Securities & Exchange Commission (SEC), cryptocurrencies remain one of the most exciting investment opportunities out there right now; especially with services like those provided by Binance which offer users access to convenient cloud based mining options without needing specialized hardware in order to get started!