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Biden Blocks Chinese-Backed Crypto Miner Near U.S. Air Force Base

Biden Blocks Chinese-Backed Crypto Miner Near U.S. Air Force Base

President Joe Biden recently issued an order preventing a Chinese-backed cryptocurrency mining company from acquiring land near the Francis E. Warren Air Force Base in Wyoming.

The move, in coordination with the U.S. Committee on Foreign Investment in the United States (CFIUS), aims to address national security concerns linked to foreign-owned mining operations.

The company in question, MineOne Partners Ltd., partially owned by the Chinese state, intended to purchase real estate close to the air force base for crypto mining activities. However, the deal raised alarms over potential risks associated with foreign-controlled equipment, which could facilitate surveillance and espionage activities near sensitive military installations.

As per the order, MineOne and its affiliates are required to divest all interests in the property within 120 days. They must also remove any related equipment within 90 days, subject to confirmation by CFIUS. The order prohibits MineOne from accessing the property or its equipment until the divestment and removal process is complete.

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The Attorney General has been tasked with ensuring compliance with the order, with penalties for any attempts to circumvent divestment requirements. The Secretary of the Treasury, who chairs CFIUS, emphasized the committee’s role in safeguarding national security, particularly regarding transactions involving sensitive military installations.

This action comes amidst heightened scrutiny of foreign investments in critical infrastructure, reflecting broader concerns over potential security threats posed by foreign-controlled entities operating near military facilities.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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