It seems that regulatory challenges won’t prevent Binance from launching new services.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has set foot into a new venture by launching a subscription-based Bitcoin (BTC) cloud service.
This initiative offers an opportunity for those keen on Bitcoin mining but lacking the necessary hardware to participate.
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As of June 15th, those interested in harnessing Binance’s cloud mining services can procure hashrates. The hashrate signifies the computational force essential for verifying and authorizing Bitcoin transactions across the blockchain.
Binance markets 1 Terahash per second (Th/s) for $10.7280. This rate is subdivided into the hashrate and the energy consumption costs at $1.17 and $9.558, respectively. Amplified hashrate correlates to an increased likelihood of substantial earnings in Bitcoin through the mining process.
Binance’s BTC mining subscription service runs for approximately 180 days, translating to roughly six months. Within this period, for every TH/s bought, users stand to gain 0.0004338 BTC.
The service is available via Binance’s global website, but unfortunately, it remains inaccessible for cryptocurrency investors residing within the United States.
Binance has previously highlighted that Binance.com operates independently, and any issues concerning Binance.US will not influence its users. As Binance.US wrestles with allegations thrown by the SEC, the firm has employed the expertise of George Canellos, a former co-director of SEC enforcement, to strengthen its legal team.
Upon hearing of this development, former SEC internet enforcement head, John Reed Stark, stated via Twitter:
Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.
The legal scrutiny unfolded when the SEC claimed that Binance’s US operation functioned as an unregistered exchange, broker, and clearing agency. In response to these actions by the SEC, Binance.US declared the suspension of US dollar deposits on June 9th and hinted at the potential halt of fiat withdrawals starting as early as June 13th.
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