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