President Joe Biden has directed a Chinese-owned cryptocurrency mining company and its associates to divest from land holdings adjacent to a US nuclear missile base due to espionage apprehensions.
MineOne Partners, identified by the White House as predominantly owned by Chinese nationals, has been instructed to divest its property within 120 days. The property, currently hosting a cryptocurrency mining operation, is situated less than a mile away from a Wyoming air force base storing intercontinental ballistic missiles.
BBC News has reached out to MineOne Partners and the Chinese embassy in the US for their responses.
Citing concerns about national security, the White House explained that the proximity of the foreign-owned property to a strategic missile base, coupled with the presence of specialized equipment possibly capable of facilitating surveillance and espionage, poses a risk.
MineOne acquired the land near the military base in 2022 and subsequently installed cryptocurrency mining equipment. The Committee on Foreign Investment in the US (CFIUS), responsible for scrutinizing deals for national security threats, was not informed of the purchase by MineOne, according to the White House.
Authorities became aware of the transaction following a tip-off from a member of the public. After review, the inter-agency panel led by the US Treasury Department concluded that the purchase had national security implications.
In a statement, Treasury Secretary Janet Yellen emphasized President Biden’s decision to compel MineOne to divest the land, underscoring the crucial role played by CFIUS in safeguarding national security.
US lawmakers have expressed growing concerns about Chinese acquisitions of properties near sensitive military installations.
This development from the White House occurs just ahead of the Biden administration’s plan to impose increased tariffs on various Chinese imports, including electric vehicles.
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