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.