In a move to protect national security, President Joe Biden has barred a Chinese-backed cryptocurrency mining company from owning land near a US Air Force base in Wyoming. The company, MineOne Partners Limited, had acquired the property in June 2022 and was planning to set up a crypto mining operation. However, the US Treasury Department found that the deal posed national security risks, including surveillance concerns, and ordered the company to divest its interests.

The property in question is located just one mile from the Francis E. Warren Air Force Base, which is a critical military installation. The Committee on Foreign Investment in the United States (CFIUS) reviewed the transaction and determined that it posed a risk to national security.

Treasury Secretary Janet Yellen emphasized the importance of protecting US national security and highlighted the crucial role of CFIUS in ensuring that foreign investment does not compromise national security, particularly in sensitive areas such as military installations and specialized technologies.

The divestment order is a clear indication of the Biden administration's commitment to prioritizing national security and protecting the country's interests. The move also sends a strong message to foreign investors that the US will not compromise on national security concerns. MineOne Partners Limited has not commented on the matter.