{"id":86933,"date":"2023-11-21T01:23:24","date_gmt":"2023-11-21T06:23:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/apple-faces-class-action-lawsuit-over-blocking-p2p-payments-for-crypto-apps\/"},"modified":"2023-11-21T01:23:26","modified_gmt":"2023-11-21T06:23:26","slug":"apple-faces-class-action-lawsuit-over-blocking-p2p-payments-for-crypto-apps","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86933","title":{"rendered":"Apple Faces Class Action Lawsuit Over Blocking P2P Payments for Crypto Apps"},"content":{"rendered":"<div>\n<figure id=\"attachment_134002\" aria-describedby=\"caption-attachment-134002\" style=\"width: 949px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-134002\" class=\"wp-caption-text\">Source: AdobeStock \/ BGStock72<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Apple is facing a class-action lawsuit that alleges the tech giant has engaged in a conspiracy to limit peer-to-peer payment options on its devices and block the integration of crypto technology in iOS payment apps.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The complaint, filed on November 17 in a California District Court by Venmo and Cash App customers, claims that Apple entered into anti-competitive agreements with popular payment platforms such as PayPal\u2019s Venmo and Block\u2019s Cash App.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">These agreements allegedly restrict the use of decentralized cryptocurrency technology in payment apps, resulting in inflated prices for users.<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cThese agreements limit feature competition\u2014and the price competition that would flow from it\u2014marketwide, including by barring the incorporation of decentralized cryptocurrency technology within existing or new iOS Peer-to-Peer Payment apps.\u201d<\/span><\/p>\n<\/blockquote>\n<h2><span data-preserver-spaces=\"true\">Apple Uses its Power to Exclude Crypto Payments<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The suit accuses Apple of employing technological and contractual restraints, including App Store exclusivity and limitations on web browser technology, to exert complete control over all apps installed and run on iPhones and iPads.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the plaintiffs, Apple leverages these restraints to force new iOS P2P payment apps to exclude crypto functionality as a condition for entry into the App Store.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As a result, consumers have been subjected to inflated fees, and the plaintiffs seek to recover damages for excessive fees and overcharging caused by Apple\u2019s alleged anticompetitive conduct.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The class action lawsuit, spanning 58 pages, provides a comprehensive account of the history and growth of peer-to-peer payment apps and decentralized cryptocurrencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is worth noting that in April, the Court of Appeals for the Ninth Circuit ruled that Apple had violated California\u2019s competition laws by prohibiting apps from directing users to non-Apple payment solutions.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Crypto Apps Struggle to Remain on Apple Store<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Apple\u2019s guidelines require app developers to share 30% of transaction revenues.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This has been a barrier for crypto firms, including those facilitating the purchase of non-fungible tokens (NFTs), as they strive to provide services to iOS users.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As\u00a0<\/span><span data-preserver-spaces=\"true\">reported<\/span><span data-preserver-spaces=\"true\">, Apple has removed the Bitcoin-friendly social media app\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Damus<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0from the App Store for violating its terms of service.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The app has a tipping feature that allows content creators to receive tips in the form of Bitcoin through the Lightning Network.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Apple deemed this feature a violation of its guidelines, as it prohibits developers from selling additional in-app content unless the transactions go through Apple, through which the tech giant takes a 30% cut.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Back in October, the popular Ethereum wallet\u00a0<\/span><strong><span data-preserver-spaces=\"true\">MetaMask<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0was also\u00a0<\/span><span data-preserver-spaces=\"true\">briefly removed<\/span><span data-preserver-spaces=\"true\">\u00a0from Apple\u2019s App Store before being restored.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/apple-faces-class-action-lawsuit-over-blocking-p2p-payments-for-crypto-apps.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ BGStock72 Apple is facing a class-action lawsuit that alleges the tech giant has engaged in a conspiracy to limit peer-to-peer payment options on its devices and block the integration of crypto technology in iOS payment apps. The complaint, filed on November 17 in a California District Court by Venmo and Cash App [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apple Faces Class Action Lawsuit Over Blocking P2P Payments for Crypto Apps | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ BGStock72 Apple is facing a class-action lawsuit that alleges the tech giant has engaged in a conspiracy to limit peer-to-peer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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