US Imposes Ban on Chinese Crypto Company: Impact on Bitcoin (BTC) and Market Analysis

  • US President Joe Biden has ordered the suspension of a crypto mining operation, MineOne, controlled by Chinese investors, citing national security risks.
  • The crypto mining company, majority-owned by Chinese citizens, had allegedly set up shop without the necessary permits near the Warren Air Force Base in Wyoming.
  • The White House has also stated that the land where the mining operations are located was purchased in 2022, but the company is accused of buying and starting work on the land without applying to the US Foreign Investment Committee (CFIUS).

US President Joe Biden takes a stand against a Chinese-controlled crypto mining operation, citing national security risks. This move underscores the ongoing scrutiny of crypto operations, particularly those with foreign ties.

Biden Orders Suspension of Crypto Mining Operation

US President Joe Biden has ordered the suspension of a crypto mining operation, MineOne, controlled by Chinese investors. The move comes amid concerns over national security risks. The crypto mining company, majority-owned by Chinese citizens, had allegedly set up shop without the necessary permits near the Warren Air Force Base in Wyoming.

White House Raises National Security Concerns

The White House has raised concerns about the use of foreign-sourced technology by the company, which could pose national security threats. Moreover, the land where the mining operations are located was purchased in 2022, but the company is accused of buying and starting work on the land without applying to the US Foreign Investment Committee (CFIUS). The White House has also requested the sale of the said land in Biden’s suspension order.

US Treasury Secretary Comments on the Decision

US Treasury Secretary Janet Yellen has commented on the decision, stating, “This decision underscores the critical watchdog role served by CFIUS to ensure foreign investment does not harm our national security, especially when transactions involve sensitive US military facilities as well as proprietary equipment and technologies.”

Conclusion

This move by President Biden highlights the ongoing scrutiny of crypto operations, particularly those with foreign ties. It underscores the importance of regulatory compliance in the crypto industry and the potential national security risks posed by unregulated operations. As the crypto industry continues to evolve, it is likely that regulatory oversight will continue to tighten, impacting both domestic and foreign operations.

BREAKING NEWS

ASTER Whale Shorts 42.97M Tokens at 3x Leverage, Reversing $1.1M Unrealized Loss into $1.2M Profit After CZ Callout

COINOTAG News reports, citing HyperInsight, that a major market...

100% Win Rate Whale Boosts SOL Holdings to $110M After $2.45M SOL Trade, Also Holds 39,000 ETH and 1,070 BTC

According to on-chain analyst Ai Auntie, as reported by...

CZ Reveals Holding 2,090,598.14 ASTER Tokens at $0.913 Each, Says He Buys and Holds on Binance

COINOTAG News reported on November 2 that CZ disclosed...

Binance Founder CZ Reveals He Bought BNB in the First Month of Its TGE and Has Held It for 8 Years

COINOTAG News reported on November 2 that Binance founder...

FTX Founder SBF Appeals for New Trial as Nov. 4 Appeal Hearing Weighs Trial-Bias Claims

According to CoinDesk, via COINOTAG News, the appeal hearing...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img