Apple entered anti-crypto agreements with competitors, class action suit claims

Must read

Apple entered anti-crypto agreements with competitors, class action suit claims

Apple entered anti-crypto agreements with competitors, class action suit claims Mike Dalton · 9 seconds ago · 2 min read...

Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer

Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer Assad Jafri · 2 hours ago · ...

WSJ reports CZ stepping down as BNB token whipsaws with Binance near DOJ settlement deal

WSJ reports CZ stepping down as BNB token whipsaws with Binance near DOJ settlement deal Oluwapelumi Adejumo · 3 hours ago...

Anthropic halves hallucinations, adds 200k context as it launches Claude 2.1 with API access

Anthropic halves hallucinations, adds 200k context as it launches Claude 2.1 with API access Liam 'Akiba' Wright · 1 hour ago...

Apple entered anti-crypto agreements with competitors, class action suit claims Apple entered anti-crypto agreements with competitors, class action suit claims Mike Dalton · 9 seconds ago · 2 min read

The lawsuit also names (but does not accuse) PayPal, Block, and Google.

2 min read

Updated: November 21, 2023 at 8:50 pm

Apple entered anti-crypto agreements with competitors, class action suit claims

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

A class action suit filed on Nov. 17 in California alleged that Apple entered anti-competitive agreements that partially restricted the use of cryptocurrency.

Specifically, plaintiffs said that agreements between Apple and its competitors prevent iOS Peer-to-Peer Payment Market apps from offering decentralized crypto features.

The plaintiffs asserted that Apple’s agreements apply to various other payment companies including competitors such as PayPal (owner of PayPal and Venmo), Block (owner of Cash App), and Google (owner of Google Pay). It appears that the agreements apply only to the iOS store versions of those payment apps.

In support of their argument, the plaintiffs cited Apple’s App Store Guidelines. Those rules state that apps may handle crypto transactions only on approved exchanges and only in regions that have granted the app licenses and permissions.

The plaintiffs argue this rule is “designed to prevent payment apps…from implementing decentralized cryptocurrency transfers,” as it requires transactions to go through intermediaries with custody over funds instead of peer blockchain networks.

Other apps have been blocked from the store

The plaintiffs additionally argued that Apple’s policy has prevented certain other competitors from entering its market, such as the crypto wallets Zeus and Damus. Both wallets intended to offer peer-to-peer transactions without intermediary exchanges. The latter crypto wallet — Damusattracted widespread attraction in June 2023 as it was removed from the App Store despite attempts at compliance.

The filing does not make any mention of other apps that have experienced difficulties with Apple’s policies, such as Uniswap, Metamask, and Coinbase Wallet. All three applications have resolved their difficulties and are now listed on the iOS store.

The lawsuit otherwise pursues a nationwide class action suit that will allow claims from U.S. Venmo and Cash App customers who have paid fees since November 2019. Though it allows for corporate entities to make a claim, it attempts to exempt Apple, PayPal, Google, and their employees and other related parties from making a claim.

The class action suit seeks damages as well as injunctions modifying Apple’s behavior. It is unclear whether the lawsuit has any legal merit.

More articles

Latest article

Apple entered anti-crypto agreements with competitors, class action suit claims

Apple entered anti-crypto agreements with competitors, class action suit claims Mike Dalton · 9 seconds ago · 2 min read...

Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer

Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer Assad Jafri · 2 hours ago · ...

WSJ reports CZ stepping down as BNB token whipsaws with Binance near DOJ settlement deal

WSJ reports CZ stepping down as BNB token whipsaws with Binance near DOJ settlement deal Oluwapelumi Adejumo · 3 hours ago...

Anthropic halves hallucinations, adds 200k context as it launches Claude 2.1 with API access

Anthropic halves hallucinations, adds 200k context as it launches Claude 2.1 with API access Liam 'Akiba' Wright · 1 hour ago...

Phoenix Group IPO raises $370M, signaling investor confidence in Middle Eastern crypto economy

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...