• Binance has launched its Bitcoin subscription-based cloud mining products.
• The product is currently available on the Binance global website, but not in the US due to regulatory pressure.
• Binance.US recently suspended USD deposits and hired former SEC enforcement co-director George Canellos as part of its legal team.
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 15, users interested in Bitcoin mining can now purchase hashrates for 1 Terahash per second (Th/s) at $10.7280 each. With more hashrate purchased, users stand a chance to earn up to 0.0004338 BTC during a 180-day period.
Regulatory Pressure In The United States
The launch of these services comes despite Binance facing regulatory pressure in the US due to allegations of breaking securities laws from the Securities and Exchange Commission (SEC). As part of its legal defense, Binance has hired former SEC enforcement co-director George Canellos and also suspended USD deposits on its platform as it transitions into an all-crypto exchange.
Rival Cryptocurrency Exchange Coinbase Also Sued By SEC
The SEC has also filed a lawsuit against rival cryptocurrency exchange Coinbase for failing to register as a broker or national securities exchange or clearing agency. This lawsuit adds further pressure to already existing issues within the crypto industry regarding compliance with regulations in the US market.
Implications Of Regulatory Pressure On Crypto Exchanges
The legal actions taken by the US government against crypto exchanges signal its intent to regulate digital assets within their jurisdiction and could have implications for other exchanges operating within the country if they do not comply with regulations set by authorities like the SEC or FinCEN (Financial Crimes Enforcement Network). It remains to be seen how this will affect both Coinbase and Binance going forward and what kind of solutions they will need to implement in order to remain compliant with regulations set by authorities in the US market.
Despite regulatory pressure from various authorities such as FINRA and FinCEN, Binance continues to provide services related to Bitcoin mining through its cloud mining services which are now available worldwide except in countries where local laws restrict them from doing so such as United States.. It remains unclear what kind of impact this will have on other crypto exchanges operating in those countries that may face similar scrutiny from regulators if they fail to comply with certain regulations set forth by authorities like SEC or FinCen..