Crypto exchange Binance has expanded its offerings by launching new subscription-based cryptocurrency mining products for users outside the United States.
“Binance is launching a new batch of Cloud Mining products for BTC mining,” the exchange stated in the announcement today (Thursday). “Users may now complete subscriptions to Cloud Mining products to purchase hashrates, and start accumulating mining rewards in their Funding Wallets.”
The crypto exchange is selling a minimum of 1 Terahash per second (Th/s) unit at $10.7280, which has been split between the hashrate fee and electricity cost of $1.17 and $9.558, respectively. The mining duration will be 180 days, and the estimated output in the period is 0.0004338 BTC.
Binance jumped into the crypto mining space years ago with the launch of its mining pool. However, its cloud mining products came recently, allowing users to get into crypto mining without the hassle of maintaining a mining infrastructure.
The cloud mining product has been launched on Binance.com, the global crypto exchange website operating outside the United States.
Binance’s Troubles with the Regulators
Binance has long maintained that Binance.com operates separately from its US affiliate. However, a recent lawsuit from the US securities regulator alleged that Binance.com and CEO Changpeng Zhao controls all the operations at Binance.US.
The Securities and Exchange Commission (SEC) allegations against Binance, its two US affiliates, and CEO Zhao of operating illegal trading platforms, offering unregistered crypto asset securities, and commingling customers’ funds. The regulator is now seeking a court order to freeze the assets of Binance.US, but the two parties have moved to the negotiating table as such a step would cripple the exchange’s US operations.
Meanwhile, Binance has also applied for the deregistration of its local unit in Cyprus, which obtained a license last October.
Crypto exchange Binance has expanded its offerings by launching new subscription-based cryptocurrency mining products for users outside the United States.
“Binance is launching a new batch of Cloud Mining products for BTC mining,” the exchange stated in the announcement today (Thursday). “Users may now complete subscriptions to Cloud Mining products to purchase hashrates, and start accumulating mining rewards in their Funding Wallets.”
The crypto exchange is selling a minimum of 1 Terahash per second (Th/s) unit at $10.7280, which has been split between the hashrate fee and electricity cost of $1.17 and $9.558, respectively. The mining duration will be 180 days, and the estimated output in the period is 0.0004338 BTC.
Binance jumped into the crypto mining space years ago with the launch of its mining pool. However, its cloud mining products came recently, allowing users to get into crypto mining without the hassle of maintaining a mining infrastructure.
The cloud mining product has been launched on Binance.com, the global crypto exchange website operating outside the United States.
Binance’s Troubles with the Regulators
Binance has long maintained that Binance.com operates separately from its US affiliate. However, a recent lawsuit from the US securities regulator alleged that Binance.com and CEO Changpeng Zhao controls all the operations at Binance.US.
The Securities and Exchange Commission (SEC) allegations against Binance, its two US affiliates, and CEO Zhao of operating illegal trading platforms, offering unregistered crypto asset securities, and commingling customers’ funds. The regulator is now seeking a court order to freeze the assets of Binance.US, but the two parties have moved to the negotiating table as such a step would cripple the exchange’s US operations.
Meanwhile, Binance has also applied for the deregistration of its local unit in Cyprus, which obtained a license last October.
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- Source: https://www.financemagnates.com//cryptocurrency/binance-launches-btc-cloud-mining-product-outside-us/
