Binance to shut down mining pool and cloud mining services by November

Binance to close mining operations in November

Cryptocurrency exchange Binance will shut down its mining pool and related services on November 10 at 7 a.m. UTC, the company announced on October 13.

The shutdown affects Binance Pool, Pool Savings, Cloud Mining, and the Transaction Accelerator feature. The exchange also said it is discontinuing Telegram hashrate alerts, email notifications, mining pool API services, and Stratum URLs and endpoints used to connect mining hardware to the network.

Binance described the move as part of an ongoing review of its product suite. The company said it is shifting focus toward other offerings as it expands into AI-powered trading tools and products linked to traditional finance.

What users need to do before the deadline

Users who mine cryptocurrency through Binance are being asked to redirect their mining equipment to a different pool before the November 10 cutoff.

Anyone with active Pool Savings positions should redeem or unsubscribe from them before the shutdown. Binance noted that eligible outstanding rewards, refunds, and settlements will be processed after the closure according to the applicable product terms. These payouts will depend on account status and compliance checks.

Any hashrate submissions or mining shares sent after the cutoff will not be accepted, processed, or credited. No new rewards, yield, or service benefits will accumulate after the shutdown date.

The Binance Pool webpages will stay open for 14 days after the closure, until November 24, 2026, at 7 a.m. UTC. During that window, users can view historical data, account records, and payout status where available. After that date, the pages will become permanently inaccessible.

The exchange is moving into traditional finance and AI tools

The mining shutdown comes as Binance is adding products outside of its core cryptocurrency trading business.

Last month, the exchange announced plans to offer physically settled options on more than 1,000 U.S.-listed stocks and exchange-traded funds, commonly called ETFs, through Nest Trading. Nest Trading is Binance's broker-dealer regulated by the Abu Dhabi Global Market.

Binance also reported that trading volume for its traditional finance perpetual futures reached $433.4 billion in August, a significant increase from $29.5 billion in January. Perpetual futures are a type of derivative contract that lets traders bet on price movements without owning the underlying asset.

On October 13, the same day as the mining announcement, Binance rolled out an AI-powered trading interface to global English-language users. The feature followed a beta test that included roughly 150,000 users.

What is confirmed

The shutdown date, affected services, and user action requirements are confirmed details from Binance's official notice. The timing of the broader product expansion and the traditional finance numbers come directly from Binance announcements covered by The Block.

What is still unclear

The source material does not explain the specific reasons behind the decision to discontinue the mining products, nor does it provide details on how many users were actively using Binance Pool or how much mining volume the service handled.

Why this matters for crypto users

For users who relied on Binance for mining rewards or Pool Savings yield, the shutdown means they must find alternative services or withdraw their funds. The move signals that Binance is prioritizing higher-growth product areas like traditional finance derivatives and AI tools over legacy mining operations.

Sources

• The Block