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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Nov 21, 2023 08:52 UTC
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Apple in Hot Water: Class-Action Lawsuit Over Crypto Payment Restrictions
Apple is being sued for restricting peer-to-peer payment options and blocking the integration of crypto tech in iOS payment apps.
The lawsuit alleges that Apple has entered into anti-competitive agreements with major payment platforms resulting in higher prices.
The plaintiffs are seeking damages and seeking to force Apple to change its business practices.
Apple, the tech giant, is currently caught up in a legal dispute that’s making waves among consumers. Users claim that the company is restricting peer-to-peer payments and hindering the integration of crypto tech in iOS payment apps.
Let’s explore the details of this legal showdown.
Conspiracy Claims
In a recent twist, a class-action lawsuit has been filed against Apple, accusing the company of being part of a conspiracy. The lawsuit suggests that Apple is intentionally limiting peer-to-peer payment options and blocking the smooth integration of crypto tech in iOS payment apps.
Customers of Venmo and Cash App filed the suit on November 17 in a California District Court, alleging anti-competitive agreements with major payment platforms like PayPal’s Venmo and Block’s Cash App.
The lawsuit argues that Apple has restricted the use of decentralized cryptocurrency technology in payment apps, resulting in users facing “rapidly inflating prices.” The 58-page document carefully details the evolution and history of peer-to-peer payment apps and decentralized cryptocurrencies, highlighting Apple’s role in shaping this landscape.
Moreover, the complaint asserts that Apple deploys “technological and contractual restraints,” including hardware-enforced App Store exclusivity and “contractual limitations on web browser technology,” enabling the company to exert control over every app installed and operated on iPhones and iPads.
Here’s What the Plaintiffs Demand
The plaintiffs seek to recover funds for excessive fees and overcharging due to Apple’s alleged actions. The lawsuit delves into the historical development of peer-to-peer payment applications and crypto assets, highlighting Apple’s recent foray into the crypto market.
Apple’s Past and Present
This isn’t Apple’s first legal run-in over app restrictions. In a ruling last April, the Court of Appeals for the Ninth Circuit found Apple in violation of California’s competition laws. The ruling exposed Apple’s prohibition of apps guiding users to payment methods not linked to the tech giant.
As of now, Apple has refrained from issuing any statements regarding the lawsuit, leaving the unfolding legal proceedings to determine the outcome.
What do you think of the allegations against Apple?
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