Binance Launches Bitcoin Mining Subscription Services to Exclude U.S. Crypto Investors
Binance, the cryptocurrency exchange, has introduced Bitcoin mining subscription services, allowing users without mining equipment to participate in mining. Starting from June 15, users can purchase hashrates, which represent the computational power required for verifying Bitcoin transactions on the decentralized ledger. This initiative enables individuals to engage in Bitcoin mining through Binance’s cloud mining services.
Binance is currently offering 1 Th/s for $10.7280, which includes $1.17 for the hashrate and $9.558 for electricity costs. By purchasing a higher hashrate, miners can enhance their chances of successfully mining Bitcoins. Additionally, Binance provides a 180-day subscription period, allowing Bitcoin miners to access their services for approximately six months. Throughout this duration, users have the potential to earn 0.0004338 BTC for every TH/s they utilize.
Ongoing SEC Dispute
In light of the ongoing SEC crackdown in the United States, Binance has made the decision to exclude U.S. crypto investors from participating in the upcoming launch, which will be hosted exclusively on Binance’s global website. Binance has emphasized that Binance.com operates independently as a distinct entity from Binance.US, reassuring its customers that they will not be impacted by any challenges faced by Binance.US in relation to regulatory matters. Furthermore, Binance remains committed to vigorously defending itself against the SEC’s allegations. To bolster their legal defense, they have enlisted the expertise of George Canellos, a former SEC enforcement official, who has joined their United States legal team. By taking these steps, Binance aims to navigate the regulatory landscape and protect the interests of its global user base.
Following these alleged developments, John Reed Stark, former SEC internet enforcement chief, took to Twitter to suggest that Binance is preparing for potential criminal prosecution and assembling a formidable legal team. The SEC has accused Binance’s US operation of operating without proper licenses as an exchange, broker, and clearing agency, attracting significant attention to the matter. In response to the SEC’s actions, Binance.US announced on June 9 its decision to halt U.S. dollar deposits and expedite the suspension of fiat withdrawals, effectively addressing the regulatory concerns raised. These measures highlight Binance’s proactive response to the SEC’s efforts and its commitment to navigating the evolving regulatory landscape.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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