Paxos Trust reaches $48.5 million settlement with New York related to Binance
The settlement calls for Paxos to pay a $26.5 million fine and spend $22 million to improve its compliance program and address deficiencies, New York financial services superintendent Adrienne Harris said.
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Straits Times
a minute ago
- Straits Times
US Postal Service blocks shipping of illicit vapes in boost for Big Tobacco
Sign up now: Get ST's newsletters delivered to your inbox The US Food and Drug Administration has authorised only 39 e-cigarette products. LONDON - The US Postal Service (USPS) has cracked down on distributors of unregulated vapes using its services for business shipments, letters reviewed by Reuters show, in a blow to a multi-billion dollar industry that has dented Big Tobacco's sales. The letters, previously unreported, show that USPS wrote to major New York-based distributor Demand Vape, blocking it from using its services after New York City's Law Department, which represents the city's government and officials in legal matters, provided evidence that its shipments broke laws. USPS' action stands to benefit tobacco giants including Altria and British American Tobacco (BAT), which have for years battled against unregulated vapes, mostly from China. Unregulated vapes lack the authorisation from the US Food and Drug Administration (FDA) that is required for them to be legally sold in the United States, the world's largest market for smoking alternatives. USPS revoked Demand Vape's mailing exception in July after it received evidence the company shipped vapes lacking FDA authorisation and that violated a local flavour ban, a letter from USPS to the company, dated July 15, showed. 'Your local Buffalo BME Office will not accept any packages from... Demand Vape that contain ENDS products,' the letter read, referring to electronic nicotine delivery systems, another term for vapes. Demand Vape said it complied with relevant laws and was contesting the revocation, adding the industry operates in a 'regulatory grey zone' with only a small number of FDA-authorised products that do not meet consumer demand. Top stories Swipe. Select. Stay informed. Business Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Business Singtel, StarHub shares fall after announcement of Keppel's M1 sale Opinion Anwar's government: Full house but plenty of empty offices Singapore S'pore Govt asks inactive political parties including Barisan Sosialis for proof of existence Singapore 79 arrested, over 3kg of heroin seized in 5-day drug blitz Singapore Man's claim amid divorce that his mother is true owner of 3 properties cuts no ice with judge Asia Tourist spots in South Korea face complaints over rude service, price gouging during peak season Singapore Healthy lifestyle changes could save Singapore $650 million in healthcare costs by 2050: Study 'We reject any characterisation that paints Demand Vape as anything other than a transparent, lawful and reputable business,' it said in a statement. USPS did not respond to a request for comment. Limited exceptions So far, the US FDA has authorised only 39 e-cigarette products. But unauthorised devices are widely available as authorities struggle to contain them. Under a 2021 law, USPS is restricted from mailing vapes directly to consumers, internationally and in most other circumstances. The limited exceptions include domestic shipments between businesses, which need a 'mailing exception' and their shipments must comply with relevant laws. Some other large carriers, including FedEx, refuse to ship vapes. DHL only offers carriage for business shipments with prior approval. USPS has provided NYC's Law Department with a list of other vape firms it has granted mailing exceptions so it can assess whether they should be challenged, in line with legal requirements, Mr Eric Proshansky, deputy chief of the city's division of affirmative litigation, told Reuters. This could further limit the number of carriers available to the unauthorised vape industry. Other options, such as using smaller carriers or handling freight directly, tend to be more costly. Mounting pressure BAT estimated the unauthorised vape market was worth around £6 billion pounds (S$10 billion) in 2024 . It is, however, increasingly under pressure. US import tariffs and seizures at ports in 2025 have reduced unauthorised vape imports. The FDA also wrote letters to 24 US-based middlemen, including distributors that are crucial to the unauthorised vape market, as part of a crackdown in May. This has led to empty shelves in vape stores, said Mr Tony Abboud, executive director of the Vapor Technology Association, which represents firms including Demand Vape. USPS revocations will further damage US vape businesses, he said. One of the largest US e-cigarette distributors, Demand Vape sells to some 5,000 retailers in 49 states, according to 2024 filings in a NYC lawsuit against the company. The evidence city attorneys provided to USPS included copies of invoices showing Demand Vape's sales of unauthorised e-cigarettes. Brands the FDA has specifically flagged as illegal to sell were among them, a separate letter reviewed by Reuters showed. REUTERS
CNA
an hour ago
- CNA
Rumble weighs near $1.2 billion bid for German AI cloud firm Northern Data
U.S. video platform and cloud services provider Rumble is considering an offer of about $1.17 billion (1 billion euros) for German AI cloud group Northern Data, according to statements from both companies. Rumble said on Sunday that a deal would give it control of Northern Data's GPU-rich cloud business, Taiga, and its large-scale data center arm, Ardent, with plans to integrate both into its own operations. The Taiga cloud unit holds a significant inventory of Nvidia GPU chips, including around 20,480 H100s and over 2,000 H200s. Northern Data said on Monday that its board is evaluating Rumble's potential offer and is open for further discussions. Rumble is considering offering 2.319 shares for each Northern Data share, both companies said. The proposed offer values Northern Data at about $18.3 per share, based on Reuters calculations, and represents a discount of about 32 per cent to the German company's last closing price in Frankfurt. Reuters calculated the potential total deal value at approximately $1.17 billion. A deal on the current terms would result in Northern Data shareholders owning about 33.3 per cent of Rumble's shares. Both companies said that a final offer, if made, is expected to be at a higher valuation. Stablecoin platform Tether, the majority shareholder of Northern Data, has expressed support for the transaction, according to the statements. A potential offer assumes that Northern Data's crypto mining unit will be divested prior to the completion of the deal, with proceeds from the sale used to reduce the existing loan extended by Tether to Northern Data. "Following consummation of the potential transaction, Tether would become an important customer of Rumble, with a multi-year commitment to purchase GPUs," Rumble said. However, the companies said there is no certainty that the discussions will ultimately result in a formal offer for the German group. (1 euro = $1.1664)
CNA
2 hours ago
- CNA
Rumble considers near $1.2 billion offer for German AI cloud group Northern Data
U.S.-listed video platform Rumble is considering a potential offer of about $1.17 billion (1 billion euro) for German AI cloud group Northern Data AG, according to separate statements from the companies and Reuters calculations. Rumble, also a cloud services provider, said a deal would integrate Northern Data's data center business and GPU cloud business with a significant number of Nvidia GPUs, into Rumble's existing operations. Rumble is considering offering 2.319 shares for each Northern Data share, both companies said. The exchange values Northern Data at about $18.3 per share (about 15.69 euros per share), based on Reuters calculations. This is at a discount of about 32 per cent to the German company's last close. Rumble said its proposed offer assumes Northern Data's Peak Mining unit will be divested prior to the completion of the deal. Tether, the majority shareholder of Northern Data, has expressed support for the transaction, according to the statements. However, the companies said there is no certainty that the discussions will eventually result in a formal offer for the German group. (1 euro = $1.1664)
