In response to concerns about national security, US President Joe Biden issued a directive prohibiting MineOne Cloud Computing Investment I L.P.’s acquisition of real estate. Based on the findings of President Biden, this order aims to protect critical assets in close proximity to Francis E. Warren Air Force Base, Warren AFB, located in Cheyenne Wyoming.
This order was based on evidence that MineOne Partners Limited – a British Virgin Islands firm majority owned by Chinese, as well as related entities – planned to buy real estate in the vicinity of Warren AFB, within a mile. This real estate, specifically described as Lot 1, Block 10 North Range Business Park 3rd Filing, and the nature of operations conducted by MineOne, poses potential national security risks due to its close proximity to a strategic missile base, Biden explained.
MineOne purchased the property in June 2022, and then developed it to be used for cryptocurrency mining. This raised questions about surveillance and spying activities that were facilitated by equipment imported from abroad. After receiving a tip from the public, the Committee on Foreign Investment in the United States became involved. They identified that the transaction posed significant national security risks.
The President order The transaction is prohibited outright and MineOne, its subsidiaries and affiliates are required to sell all beneficial and legal ownership rights in the property within 120 days. MineOne also has to remove the equipment and improvements associated with their operation on the real estate within 90-days, subject to CFIUS verification.
MineOne or its affiliates will also be prohibited from physical or logical entry to any real estate, improvements or equipment until the divestment is completed and CFIUS approves. This order prohibits any attempt at evasion or circumvention. Compliance is enforced by the Attorney General.
MineOne, and its affiliated companies, are expected to fully cooperate with CFIUS in response to the order. They will be required to provide regular updates regarding compliance and deadlines to complete divestment or removal. In the event that MineOne and its affiliates fail to comply with this order, they may face further sanctions or enforcement measures.
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Source: bitcoinmagazine.com
