Binance introduces new cloud mining product amid regulatory turmoil

In a statement on Wednesday, Binance announced the launch of a new batch of cloud mining products for BTC mining. The exchange’s cloud mining service was released last November and enables users without mining equipment to earn mining rewards from the Binance pool.

On the other hand, buying hash rate and bitcoin mining on Binance’s cloud requires a subscription.

• according to the official blog PostThe membership of the new batch will start from June 8 and will follow the format of first come first serve. Meanwhile, mining operations are expected to start around June 15.
• Binance’s cloud mining products suffered due to severe winter storms in North America in late December.
• It was previously reported that as a result of weather conditions, further outages would extend the duration of Binance’s cloud mining subscriptions.
• The latest announcement comes amid regulatory action against the crypto exchange.
• On Monday, the United States Securities and Exchange Commission brought several charges against Binance in one of the regulator’s most significant enforcement actions against the crypto industry in history.
• Following intense legal pressure from the SEC to freeze its assets, the US subsidiary of Binance delisted over 100 advanced trading pairs.
• The chief executive of the exchange, Changpeng Zhao (CZ), was also issued a subpoena by the US District Court for the District of Columbia, requiring him to respond within 21 days.
• Since then, several controversial claims have emerged. Lawyers representing Binance and its CEO recently alleged that SEC Chairman Gary Gensler offered to serve as an advisor to the crypto exchange in March 2019.

In a statement on Wednesday, Binance announced the launch of a new batch of cloud mining products for BTC mining. The exchange’s cloud mining service was released last November and enables users without mining equipment to earn mining rewards from the Binance pool.

On the other hand, buying hash rate and bitcoin mining on Binance’s cloud requires a subscription.

• according to the official blog PostThe membership of the new batch will start from June 8 and will follow the format of first come first serve. Meanwhile, mining operations are expected to start around June 15.
• Binance’s cloud mining products suffered due to severe winter storms in North America in late December.
• It was previously reported that as a result of weather conditions, further outages would extend the duration of Binance’s cloud mining subscriptions.
• The latest announcement comes amid regulatory action against the crypto exchange.
• On Monday, the United States Securities and Exchange Commission brought several charges against Binance in one of the regulator’s most significant enforcement actions against the crypto industry in history.
• Following intense legal pressure from the SEC to freeze its assets, the US subsidiary of Binance delisted over 100 advanced trading pairs.
• The chief executive of the exchange, Changpeng Zhao (CZ), was also issued a subpoena by the US District Court for the District of Columbia, requiring him to respond within 21 days.
• Since then, several controversial claims have emerged. Lawyers representing Binance and its CEO recently alleged that SEC Chairman Gary Gensler offered to serve as an advisor to the crypto exchange in March 2019.