Criticism Mounts as Apple Restricts Cryptocurrency Technology

Apple Faces Lawsuit for Cryptocurrency Restrictions in iOS

Apple is accused of using its influence and control over payment apps on its iOS platform, like Venmo and Cash App. It forces them into agreements that restrict the integration of features related to cryptocurrency.

The class action complaint, filed in a California federal court, asserts that Apple, through its control of the App Store and iOS, hinder the functionality of these payment apps. It pressures apps to exclude features like cryptocurrency wallets and transfers.

The plaintiffs in the lawsuit are asserting that by compelling payment apps on its iOS platform to limit the integration of cryptocurrency capabilities, Apple is creating a situation where it can increase the fees it charges for in-app transactions. By controlling the features available in payment apps, Apple can maintain a dominant position and charge higher fees for transactions conducted through its platform.

Additionally, the plaintiffs suggest that Apple's actions stifle innovation in the payment app space. By restricting the development and integration of cryptocurrency-related features, Apple is preventing new and innovative payment methods from emerging within its ecosystem.

The consumers leading the case are seeking damages for alleged overcharging and an injunction to prevent Apple from mandating restrictions on crypto tools in payment apps. This legal action adds to the growing scrutiny Apple faces for anticompetitive practices in its iOS app distribution, particularly concerning external payment methods and strict guidelines affecting crypto apps on the App Store.