Advertisement
Advertisement
Advertisement
Advertisement
US Imposes ban on Chinese Crypto-Miner in proximity to nuclear base

US Imposes ban on Chinese Crypto-Miner in proximity to nuclear base

US Imposes ban on Chinese Crypto-Miner in proximity to nuclear base

US Imposes ban on Chinese Crypto-Miner in proximity to nuclear base

Advertisement
  • US President Joe Biden orders Chinese cryptocurrency miner, MineOne Partners, to sell land near a US nuclear missile base.
  • The US Treasury Department concluded the purchase had national security implications.
  • The move comes as the Biden administration is set to increase tariffs on Chinese imports.
Advertisement

Citing spying concerns, US President Joe Biden has ordered a Chinese-owned cryptocurrency miner and its partners to sell land they own near a US nuclear missile base. The White House states that MineOne Partners, majority-owned by Chinese citizens, must sell the property within 120 days, where it operates a crypto-mining operation.

The land is less than a mile (1.6km) away from an air force base in Wyoming, where intercontinental ballistic missiles are stored.

“The proximity of the foreign-owned Real Estate to a strategic missile base… and the presence of specialized and foreign-sourced equipment capable of facilitating surveillance and espionage activities, presents a national security risk”, the White House said in a statement.

Francis E. Warren Air Force Base in Wyoming houses Minuteman III nuclear intercontinental ballistic missiles.

MineOne purchased the land near the military base in 2022 and subsequently installed cryptocurrency mining equipment.

The White House stated that the Committee on Foreign Investment in the US (CFIUS), a powerful body that scrutinizes deals for national security threats, was not notified about the purchase by the company.

Advertisement

Authorities became aware of the transaction after receiving a tipoff from a member of the public.

The inter-agency panel, led by the US Treasury Department, concluded that the purchase had national security implications.

Treasury Secretary Janet Yellen stated in a statement that President Biden’s decision to compel MineOne to sell the land “highlights the critical gatekeeper role that CFIUS serves to ensure that foreign investment does not undermine our national security”.

US lawmakers have been increasingly concerned about Chinese purchases of property near sensitive military facilities.

The White House’s latest announcement comes just a day before the Biden administration is scheduled to sharply increase tariffs on several Chinese imports, including electric vehicles.

Also Read

US threatens sanctions over India’s partnership with Iran in Chabahar port development
US threatens sanctions over India’s partnership with Iran in Chabahar port development

The US has issued a warning about potential sanctions for any country...

Advertisement
Advertisement
Read More News On

Catch all the International News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story