Despite the United States Securities and Exchange Commission’s (SEC) brutal crypto crackdown, the world’s largest cryptocurrency exchange, Binance, has just launched a new subscription-based could mining product dedicated to Bitcoin (BTC) mining, for users outside the United States.
Binance continues to introduce new crypto-focused products and services even in the thick of the heated war against the US SEC. Recently, Binance’s non-fungible token (NFT) trading platform, Binance Marketplace launched a new service focused on NFT loans, where users can borrow Ethereum (ETH) by using their NFTs as collateral. Additionally, earlier this month, the crypto exchange also announced support for Bitcoin NFTs in its dedicated digital collectibles marketplace.
A New Cloud Mining Service for Bitcoin
With these moves, it seems Binance is bolstering its efforts to fight back against the SEC and its complicated regulatory policies that have been interfering with the digital assets industry for a long time now. In the latest string of offerings, Binance has launched a brand new service enabling users interested in Bitcoin (BTC) mining, but lack the equipment, to subscribe to Binance’s cloud mining services and purchase hash rates for the same.
#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
For the uninitiated, hash rate is a measure of the total computational power being used by a proof-of-work (PoW) cryptocurrency network to process transactions in a blockchain. It can also be a measure of how fast a cryptocurrency miner’s machines complete these computations. Binance wrote,
“Users may now complete subscriptions to Cloud Mining products to purchase hashrates, and start accumulating mining rewards in their Funding Wallets.”
According to the official blog post, Binance’s BTC mining subscription service which will be starting from Starting June 15, will be active for 180 days, or roughly six months. For each TH/s purchased, users will be able to earn 0.0004338 BTC during the timeline.
The blog post also noted that since the new cloud mining product has been launched on Binance.com, the global crypto exchange’s website operating outside the United States, the service will not be available for crypto investors residing in the country.
Binance Buckles Up to Fight the SEC
This comes at a time when the entire crypto ecosystem fighting a relentless war with the US SEC. Recently, the American regulatory watchdog had also filed a lawsuit against Binance, urging a Washington, D.C. federal judge to freeze the assets of Binance’s U.S., a subsidiary of the crypto exchange.
Binance US and the SEC agreed to work on a deal that avoids a total asset freeze at the cryptocurrency trading platform, which the regulator has accused of operating illegally https://t.co/j6V6fi5uO0
— Bloomberg (@business) June 13, 2023
However, in good tidings, the federal judge overseeing the case against Binance and Binance.US declined to order a temporary restraining order freezing the U.S. trading platform’s assets, prompting a small victory not only for the exchange, but the entire crypto community worldwide. The move would allow Binance.US to continue doing business while negotiating restrictions with the regulator.
