Binance Unveils New Cloud Mining Products Amidst Regulatory Turmoil

Binance announced the launch of a new batch of Cloud Min­ing prod­ucts for BTC min­ing in a state­ment on Wednes­day. The exchange’s cloud min­ing ser­vice was released last Novem­ber and enabled users with­out min­ing equip­ment to earn min­ing rewards from Binance Pool.

Sub­scrip­tions, on the oth­er hand, are required to buy hash rates and Bit­coin min­ing on Binance’s cloud.

• Accord­ing to the offi­cial blog post, the sub­scrip­tion of the new batch will begin on June 8 and will fol­low a first-come, first-served for­mat. Mean­while, min­ing oper­a­tions are esti­mat­ed to start around June 15.
• Binance’s cloud min­ing prod­ucts suf­fered out­ages due to a severe win­ter storm in North Amer­i­ca in late December.
• It was pre­vi­ous­ly report­ed that fur­ther out­ages as a result of the weath­er con­di­tions will extend the dura­tion of Binance’s cloud min­ing subscriptions.
• The lat­est announce­ment comes amidst height­ened reg­u­la­to­ry actions against the cryp­to exchange.
• On Mon­day, the Unit­ed States Secu­ri­ties and Exchange Com­mis­sion slapped a slew of 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 asset, Binance’s U.S. sub­sidiary removed over 100 advanced trad­ing pairs.
• The exchange’s chief exec­u­tive Chang­peng Zhao (CZ), was also issued a sum­mon by the US Dis­trict Court for the Dis­trict of Colum­bia that requires him to respond with­in 21 days.
• Since then, sev­er­al con­tro­ver­sial claims have sur­faced. The lawyers rep­re­sent­ing Binance and its CEO have recent­ly alleged that the SEC Chair Gary Gensler offered to serve as an advis­er to the cryp­to exchange in March 2019.