Crypto NewsBitcoinUSA Bans Chinese Cryptocurrency Company!

USA Bans Chinese Cryptocurrency Company!

US President Joe Biden ordered the halt of the MineOne operation of a cryptocurrency mining company controlled by Chinese investors, citing national security risks.

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With the US presidential elections just around the corner, cryptocurrencies have become frequently discussed during the election process.

At this point, presidential candidate Donald Trump, who was previously known for his anti-Bitcoin (BTC) and anti-cryptocurrency views, is now declaring his support for crypto, while the current president and presidential candidate Joe Biden continues his anti-crypto approach.

According to Coindesk, US President Joe Biden ordered the shutdown of the MineOne operation of a cryptocurrency mining company controlled by Chinese investors, located near Warren Air Force Base in Wyoming, citing national security risks.

In the statement made by the White House, it was stated that a crypto mining company, mostly owned by Chinese citizens, set up shop within one mile of a US nuclear missile base without the necessary permission.

It was also stated that the company used foreign technology that created national security concerns.

The White House also said that the land where the mining operations were located was acquired in 2022, but the company that owns the land was accused of purchasing the land and starting work there without applying to the Committee on Foreign Investment in the United States (CFIUS), and an investigation was launched regarding this.

Biden's stop order also requests the sale of the land in question.

US Treasury Secretary Janet Yellen said in her statement:

“The decision underscores the critical watchdog role that CFIUS serves to ensure that foreign investment does not harm our national security, especially as it relates to transactions involving sensitive U.S. military facilities as well as specialized equipment and technologies.”

*This is not investment advice.

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