Apple sued for blocking crypto tech for P2P payments
A group of Apple users is suing the firm for restricting the use of peer-to-peer crypto payment apps for the tech firm’s mobile operating system....
- Disgruntled consumers have filed a class-action lawsuit against Apple, claiming that the tech giant has conspired to limit peer-to-peer payment options on its devices and block crypto technology from iOS payments apps.
- The lawsuit alleges that Apple entered into anti-competitive agreements with PayPal's Venmo and Block's Cash App to restrict the use of decentralized cryptocurrency technology in payment apps, leading to rapidly inflating prices.
- The plaintiffs argue that Apple uses technological and contractual restraints, such as App Store exclusivity and limitations on web browser technology, to exert control over every app installed and run on iPhones and iPads.
- Apple allegedly forces new iOS P2P payment apps to bar crypto as a condition for entry.
- The plaintiffs seek to recover excessive fees and overcharging caused by Apple's alleged anticompetitive conduct and request injunctive relief to prevent Apple from entering into and enforcing anticompetitive agreements.
The sentiment of the article is negative towards Apple, as it highlights the allegations of anti-competitive behavior and control exerted by the company.