Apple Faces Class Action Lawsuit Over Blocking P2P Payments for Crypto Apps

Crypto News
Crypto News

21 Nov 2023 6:18 AM

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...

  • Apple is facing a class-action lawsuit alleging that it has conspired to limit peer-to-peer payment options and block the integration of crypto technology in iOS payment apps.
  • The lawsuit claims that Apple entered into anti-competitive agreements with payment platforms like Venmo and Cash App, restricting the use of decentralized cryptocurrency technology and resulting in inflated prices for users.
  • Apple is accused of employing technological and contractual restraints to exert control over all apps on iPhones and iPads, forcing new iOS P2P payment apps to exclude crypto functionality.
  • The plaintiffs seek to recover damages for excessive fees and overcharging caused by Apple's alleged anticompetitive conduct.
  • In April, the Court of Appeals ruled that Apple had violated California's competition laws by prohibiting apps from directing users to non-Apple payment solutions.
  • Apple's guidelines require app developers to share 30% of transaction revenues, which has been a barrier for crypto firms.

The sentiment of the article is negative towards Apple, as it accuses the tech giant of engaging in anti-competitive behavior and restricting the use of crypto technology.

Go to publisher site

You May Ask

What is the class-action lawsuit against Apple about?How does Apple allegedly restrict the use of decentralized cryptocurrency technology in payment apps?What damages are the plaintiffs seeking in the lawsuit?What ruling did the Court of Appeals make regarding Apple's competition practices?How does Apple's guideline of sharing 30% of transaction revenues affect crypto firms?

Suggested Reads