Apple Faces Class Action Lawsuit Over Blocking P2P Payments for Crypto Apps A Battle of the Tech Titans

Apple Hit With Class Action Lawsuit for Blocking P2P Crypto Payment Apps

Source: AdobeStock / BGStock72

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Breaking News: Apple Faces Class-Action Lawsuit for Limiting Crypto Payments

Oh boy, it seems like Apple is once again making the headlines, and this time it’s not for releasing a fancy new iPhone or creating a mysterious bending iPad. No, no, my friends, this lawsuit involves allegations of a conspiracy, anti-competitive agreements, and, wait for it…limiting peer-to-peer payment options and blocking the integration of crypto technology in iOS payment apps. Can you believe it?

According to Venmo and Cash App customers, Apple is playing dirty by entering into agreements with popular payment platforms like Venmo and Cash App, which allegedly restrict the use of decentralized cryptocurrency technology in their payment apps. They claim this results in inflated prices for users. I mean, come on, Apple! You’re like the kid in the schoolyard who won’t share their toys because they want to be the only cool kid around.

But here’s where things get really interesting. The lawsuit accuses Apple of using its immense power to exclude crypto payments from its devices. They’re like the bouncer at the trendiest nightclub, deciding who gets in and who doesn’t. Apple allegedly imposes restraints, like App Store exclusivity and limitations on web browser technology, to control all apps on iPhones and iPads. It’s like they’re trying to build a monopoly or something. Not cool, Apple, not cool at all.

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And the consequences of Apple’s actions are far from amusing. Consumers have been subjected to inflated fees, and let’s be real, nobody likes paying extra. The plaintiffs are seeking justice and want Apple to pay up for their alleged anti-competitive conduct. It’s time for Apple to face the music, pun intended.

This class-action lawsuit, with its whopping 58 pages, gives us a detailed history lesson on peer-to-peer payment apps and decentralized cryptocurrencies. It’s like reading one of those exciting adventure books, except instead of pirates and treasure, we have legal battles and financial shenanigans. But hey, at least it’s educational, right?

Now, let’s not forget that this isn’t the first time Apple has been caught in the act. In April, the Court of Appeals for the Ninth Circuit ruled that Apple violated California’s competition laws by prohibiting apps from directing users to non-Apple payment solutions. It’s like they have their own little apple-shaped galaxy and don’t want anyone else stepping foot in it. Typical Apple.

But wait, there’s more! Apple’s guidelines require app developers to share a hefty 30% of transaction revenues. And you know what that means for crypto firms trying to provide services to iOS users? Yep, it’s a major roadblock. Even those facilitating the purchase of non-fungible tokens (NFTs) struggle to stay on Apple’s store. It’s like trying to sell ice cream in Antarctica.

Remember that Bitcoin-friendly social media app called Damus? Well, Apple kicked it out of the App Store because it violated their terms of service. Damus had a tipping feature that allowed content creators to receive tips in Bitcoin, but Apple wasn’t having any of it. They said it violated their guidelines, which prohibits developers from selling additional in-app content unless the transactions go through Apple, and you guessed it, Apple takes a 30% cut. Talk about squeezing the juice out of every transaction!

And let’s not forget MetaMask, the popular Ethereum wallet. It, too, faced the wrath of Apple when it was briefly removed from the App Store. I can imagine the panic among Ethereum users, frantically searching for their digital assets. But fear not, MetaMask was eventually restored. It’s like a rollercoaster ride of emotions for these crypto app developers.

So, my dear digital asset investors, what are your thoughts on this juicy lawsuit? Are you team Apple or team Venmo? Is Apple really trying to control the entire crypto universe, or are they just protecting their precious apple orchard? Let the discussion begin!

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