Biden Bans Chinese Crypto Firm Near Military Base, Citing Security Risks

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U.S. President Joe Biden Issues Order Banning Chinese-Backed Cryptocurrency Mining Firm from Owning Land Near Military Base

U.S. President Joe Biden has issued an order banning a Chinese-backed cryptocurrency mining firm, MineOne Partners Ltd., from owning land near a military base in Wyoming. The order cites national security concerns as the reason for the ban.

The property in question, acquired by MineOne in June 2022, is located within one mile of the Francis E. Warren Air Force Base, which houses Minuteman 3 intercontinental ballistic missiles. The White House stated that MineOne is owned by Chinese nationals.

Treasury Secretary Janet Yellen emphasized President Biden's commitment to protecting the United States' national security. The order requires MineOne to sell the property within 120 days and remove all structures and equipment within 90 days.

The purchase of the real estate was not filed with the Committee on Foreign Investment in the United States (CFIUS), chaired by Yellen. While the order does not explicitly state the reasons for concern, Biden mentioned "credible evidence" that the entities "might take action that threatens to impair the national security of the United States." He also cited the proximity of the property to the base and the presence of specialized and foreign-sourced equipment as potential facilitators of surveillance and espionage activities.

CFIUS, responsible for examining foreign investment and real estate transactions in the United States for potential national security threats, investigated the case following a public tip.

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May 21, 2023 | 05:09