Binance introduces Bitcoin mining cloud services amid regulatory pressure

Key takeaways

• Binance users interested in Bitcoin mining can now subscribe to Binance’s cloud mining services starting today.

• The new service comes despite Binance currently facing regulatory pressure in the United States. 

Binance launches its Bitcoin mining cloud services

The world’s largest cryptocurrency exchange by daily trading volume, Binance, has launched new Bitcoin subscription-based cloud mining products. 

#Binance is launching a new batch of Cloud Mining products for #BTC mining.

Complete your subscription to Cloud Mining products and start accumulating rewards!

Find out more ?https://t.co/lH2jTwOxKs

— Binance (@binance) June 15, 2023

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. The probability of higher income in terms of the Bitcoin earned through mining increases.

Binance revealed that its BTC mining subscription service would be active for six months. For each TH/s purchased, users stand a chance to earn 0.0004338 BTC during the 180-day period. 

The product is currently available on the Binance global website, which means that it is not available to its users in the United States.

Binance continues to face regulatory pressure

This latest development comes at a time when Binance is facing regulatory pressure in the United States. 

The United States Securities and Exchange Commission (SEC) sued Binance earlier this month for allegedly breaking securities laws. The regulatory agency has also filed for a temporary restraining order to freeze Binance.US’s assets. 

Binance.US has already hired former SEC enforcement co-director George Canellos as part of its legal team as it defends itself against the regulatory agency’s allegations. 

Last week, Binance.US announced the suspension of USD deposits on its platform as it transitions into an all-crypto exchange. 

The SEC also sued rival cryptocurrency exchange Coinbase for failing to register as a broker, national securities exchange or clearing agency.