- Binance, the world-renowned crypto exchange, recently introduced a Cloud Mining Partner Program to attract Bitcoin mining and digital infrastructure providers.
- The unveiling comes at a time when Binance is embroiled in regulatory issues, including an enforcement action by the US Securities and Exchange Commission.
Amidst a backdrop of intensifying regulatory difficulties, Binance, the global crypto exchange, revealed a fresh batch of Cloud Mining products for BTC mining. The announcement, made last Wednesday, is part of Binance’s ongoing effort to engage Bitcoin mining and digital infrastructure providers.
In November last year, Binance launched its initial cloud mining service, providing an opportunity for users without mining equipment to gain mining rewards via the Binance Pool. However, these services necessitate the purchase of subscriptions for hash rates and Bitcoin mining on Binance’s cloud.
Per the official blog post, subscriptions for this new batch commenced on June 8, following a first-come, first-served model. The commencement of mining operations is projected to be around June 15.
Binance’s cloud mining products experienced disruptions due to a severe winter storm in North America in late December. It was reported that further outages caused by such weather conditions could extend the duration of Binance’s cloud mining subscriptions.
This latest development surfaces amidst a turbulent time for Binance, as it faces escalating regulatory actions. On Monday, the United States Securities and Exchange Commission (SEC) levelled an array of charges against Binance, marking one of the most substantial enforcement actions against the crypto industry in history.
Under pressure from the SEC, Binance’s U.S. subsidiary was forced to remove over 100 advanced trading pairs. In addition, Binance’s CEO, Changpeng Zhao (CZ), received a summons from the US District Court for the District of Columbia, mandating a response within 21 days.
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In a twist of events, lawyers representing Binance and CZ alleged that SEC Chair Gary Gensler had proposed to serve as an adviser to the crypto exchange back in March 2019, adding a new layer to the ongoing controversy.
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