Apple Sued for Blocking Crypto Integration in iOS P2P Payments
Apple is facing a class-action lawsuit alleging that the company conspired to limit peer-to-peer payment options and blocked the integration of crypto technology in iOS payment apps.
The lawsuit, filed in a California District Court, claims that Apple conspired with major payment platforms to limit the use of decentralized cryptocurrency technology on its devices. This has resulted in a lack of competition in the market and led to consumers paying inflated prices due to Apple’s control over the iOS P2P payment market.
The plaintiffs seek compensation for excessive charges and a court order to prevent the company from engaging in anti-competitive behavior in the iOS P2P payment market. The 58-page filing outlines how Apple has maintained a tight grip on the apps available on its devices, limiting competition and excluding crypto options.
Hot Take: Apple’s Impact on Crypto Apps in the App Store
Apple’s strict policies, including a 30% transaction earnings contribution for app developers, have posed a challenge for cryptocurrency companies. This has led to the removal of apps like Damus, which supports Bitcoin, and temporary removals, like that of the popular Ethereum wallet MetaMask, from the App Store. These actions have caused controversy and raised concerns about Apple’s impact on the crypto integration in the iOS ecosystem.
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