US blocks Chinese-backed crypto mining firm from land ownership near Wyoming missile base
- MineOne Partners Ltd needs to divest from land it purchased near Francis E. Warren Air Force Base
- The US is concerned about security risks posed by Chinese-led purchases of property near military sites
US President Joe Biden on Monday issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk”.
The order forces the divestment of property operated as a crypto mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd, a firm partly backed by Chinese nationals, and its affiliates are also required to remove certain equipment on the site.
This comes as the US is slated on Tuesday to issue major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a US official and another person familiar with the plan.
And with election season in full swing, both Biden and his presumptive Republican challenger, former president Donald Trump, have told voters that they’ll be tough on China, the world’s second-largest economy after the United States and an emerging geopolitical rival.
The Monday divestment order was made in coordination with the US Committee on Foreign Investment in the United States - a little-known but powerful government committee tasked with investigating corporate deals for national security concerns that holds power to force companies to change ownership structures or divest completely from the US.
A 2018 law granted CFIUS the authority to review real estate transactions near sensitive sites across the US, including F.E. Warren Air Force Base.