Crypto exchange Binance announced the introduction of new subscription-based Bitcoin mining solutions. Users interested in Bitcoin mining but lacking the necessary equipment can subscribe to Binance’s cloud mining services and purchase hashrates beginning June 15. The hashrate is the amount of computing power necessary to confirm and legitimize Bitcoin transactions on the blockchain. Binance is currently offering one Terahash per second (Th/s) for $10.7280, with hashrate and electricity fees split at $1.17 and $9.558, respectively. A higher hashrate increases the probability of generating more Bitcoin through mining. Binance’s BTC mining subscription service will be available for 180 days, or around six months. Customers will be able to earn 0.0004338 BTC for each TH/s purchased throughout this time period. The talked product is only offered on Binance’s worldwide website and is not available to crypto investors in the United States. Alongside, concerning the current crackdown of the Securities and Exchange Commission in the country has emerged as a separate entity. However, users will not be impacted by issues at Binance US. In response to the alleged development, former SEC internet enforcement chief John Reed Stark tweeted, “Binance seems to prepare for a criminal prosecution while it continues to hire the best defense attorneys across the globe.” The SEC launched the legal inquiry after alleging that Binance’s US unit was operating as an unregistered exchange, broker, and clearing agency. Following the SEC’s lead, Binance.US announced on June 9 the suspension of US dollar deposits and the expected suspension of fiat withdrawals commencing June 13.

June 16, 2023


The Federal Reserve and the Securities and Exchange Commission (SEC) are currently investigating Goldman Sachs’ involvement in the purchase of Silicon Valley Bank’s securities portfolio prior to the bank’s collapse, according to The Wall Street Journal, citing sources familiar with the matter.

According to the article, both agencies are looking into Goldman Sachs’ behavior during the unsuccessful capital raising that preceded SVB’s demise. As part of its investigation into SVB, the Justice Department is also said to have sent a subpoena to Goldman Sachs.

According to insiders, the Federal Reserve and SEC are especially interested in collecting papers linked to Goldman Sachs’ dual role as buyer of SVB’s securities portfolio and consultant on the bank’s capital raising. The agencies are allegedly looking into whether there were any unlawful discussions about the sale of the portfolio between Goldman’s investment banking business and its trading division.

Goldman has responded by saying that it is “cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries into SVB, including the firm’s business with SVB in or around March 2023.”

Goldman Sachs was reportedly engaged in the closing days of SVB’s demise to aid the bank in obtaining money. Simultaneously, its trading branch acquired “SVB’s $21 billion portfolio of available-for-sale debt securities at a discount.” According to the WSJ, it is unusual for banks to operate as both an adviser and a buyer of a company’s assets at the same time, unless in times of financial trouble.

However in response to the allegation  Goldman Sachs spokeswomen stated that ,Goldman Sachs stated SBV in writing to not act as their adviser on the sale and shall neither rely on any advice from the bank in the matter instead hire a third party financial adviser.

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