The United States president Joe Biden issued an executive order that prohibits MineOne Cloud Computing Investment I L.P. from acquiring certain real estate, due to national security concerns. 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 nationals – and associated entities intended to buy real estate in the vicinity of Warren AFB. 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 bought the land in 2022. It then converted it into specialized crypto mining operations. The equipment was imported from overseas, raising concerns over espionage or surveillance. CFIUS became involved following a public tip. The committee identified the significant risk to national security that the transaction presented.
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 is also required to remove any equipment or improvements that are related to its operations from the property in 90 days. This will be verified by CFIUS.
MineOne, its subsidiaries, and their employees are also prohibited from gaining physical access or logically interacting with the property, equipment or improvements, until CFIUS has approved of divestment or removal. It is prohibited to attempt to circumvent or evade this order. The Attorney General has the authority to enforce compliance.
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. If you do not comply with these requirements, further penalties and enforcement actions may be taken.
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Source: bitcoinmagazine.com