The Biden administration has threatened to ban TikTok from the United States unless the app’s Chinese owners agree to spin off their share of the social media platform, TikTok acknowledged Wednesday evening.

The apparent ultimatum by a US multiagency panel known as the Committee on Foreign Investment in the United States (CFIUS) marks a possible turning point in the long-running negotiations between federal officials concerned about TikTok’s links to China and a wildly popular social media company with more than 100 million US users.