Team Biden Directs Chinese-Linked Crypto Firm To Give Up Land Near US Missile Base Amid Security Concerns

The White House has ordered MineOne Partners Limited, a firm with Chinese connections, to sell a property located near a U.S. Air Force base in Wyoming.

What Happened: The directive, issued on Monday, gives MineOne Partners and its associates 120 days to divest the land, which is within a mile of the Francis E. Warren Air Force Base, a significant part of the U.S. nuclear arsenal, Reuters reported. The company, owned by Chinese nationals, had acquired the property for cryptocurrency mining in June 2022. The White House has raised concerns about the land’s proximity to the missile base, citing potential surveillance and espionage threats.

The decision emphasizes the increasing US unease about the national security risks posed by Chinese acquisitions of American property near sensitive military sites. The Committee on Foreign Investment in the United States (CFIUS), a panel led by the Treasury Department that reviews foreign investment for national security risks, scrutinized the MineOne Partners deal.

“The move on Monday highlights the critical gatekeeper role that CFIUS serves to ensure that foreign investment does not undermine our national security,” stated Treasury Secretary Janet Yellen.

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Why It Matters: This move is part of a broader U.S. strategy to curb Chinese influence in key technology sectors. In March, the U.S. was preparing to release a list of Chinese chipmaking facilities that would be banned from receiving essential tools. This was aimed at enabling US companies to comply better with restrictions on technology flow into China.

Furthermore, the U.S. government has also been taking measures to control Chinese influence in the digital space. For instance, the recent legislation aimed at TikTok, which gives the Beijing-based social media platform a timeline to sell its U.S. operations or face a ban.

However, Chinese researchers have found a cost-effective way to mass-produce optical chips, potentially circumventing U.S. sanctions. This development could soften the impact of US sanctions on China’s technology sector.

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