Bitcoin
Biden bans Chinese cryptominer from land near nuclear missile base
Image source, Getty Images
Image caption Joe Biden gave MineOne Partners 120 days to sell land near nuclear missile baseArticle information
- Author, João da Silva
- Function, business reporter
- May 14, 2024, 02:10 BST
Updated May 14, 2024, 03:08 BST
US President Joe Biden has ordered a Chinese-owned cryptocurrency mining company and its partners to sell land they own near a US nuclear missile base, citing espionage concerns.
MineOne Partners, which the White House says is majority-owned by Chinese citizens, had 120 days to sell the property, where it runs a crypto mining operation.
The land is less than a mile away from an Air Force base in Wyoming where intercontinental ballistic missiles are stored.
BBC News has contacted MineOne Partners and the Chinese embassy in the US for comment.
“The proximity of foreign-owned properties to a strategic missile base… and the presence of specialized equipment of foreign origin potentially capable of facilitating surveillance and espionage activities, represents a risk to national security,” the White House said in a statement.
Francis E. Warren Air Force Base in Wyoming is home to Minuteman III nuclear intercontinental ballistic missiles.
MineOne purchased the land near the military base in 2022 and subsequently installed cryptocurrency mining equipment.
The Committee on Foreign Investment in the United States (CFIUS), a powerful body that scrutinizes businesses for threats to national security, was not notified of the company’s purchase, the White House said.
Authorities were alerted to the transaction following a tip-off from a member of the public.
The interagency panel, led by the US Treasury Department, determined that the purchase had national security implications.
President Biden’s decision to force MineOne to sell the land “highlights the critical watchdog role that CFIUS plays to ensure that foreign investment does not harm our national security,” Treasury Secretary Janet Yellen said in a statement.
There has been growing concern among U.S. lawmakers about Chinese purchases of properties near sensitive military installations.
The White House’s latest announcement comes just one day before the Biden administration is expected to sharply increase tariffs on several Chinese imports, including electric vehicles.