Apple Under Legal Scrutiny for Supposedly Limiting Crypto Innovation in iOS P2P Transactions

Apple is facing a class-action lawsuit over allegations of blocking crypto technology in P2P payments on iOS. Plaintiffs accuse Apple of limiting competition by restricting the use of decentralized crypto technology and forcing users into high fees.

A lawsuit was filed against technology giant Apple by consumers, alleging that it engaged in anti-competitive behavior in peer-to-peer (P2P) payments on the iOS platform. In the complaint filed in the California District Court on November 17, consumers alleged that Apple limited P2P payment options on its devices and harmed competition by blocking crypto technology in iOS payment apps.

Plaintiffs argue that Apple entered into anticompetitive agreements with PayPal’s Venmo and Block’s Cash apps. It is stated that these agreements prohibit the integration of cryptocurrencies into iOS P2P payment applications.

”Apple Has Unlimited Control Rights”

The complaint also states that Apple exercises unlimited control over applications on iPhones and iPads. The plaintiffs argue that Apple stifles competition by using technological and contractual restrictions, such as App Store exclusivity and contractual limitations on web browser technology. It is stated that these restrictions may put startups trying to launch new iOS P2P payment applications in a difficult situation.

The plaintiffs describe themselves as customers paying inflated fees due to trading restrictions in Apple’s iOS P2P payment market.

Apple has not responded to the allegations so far, but the fallout from the lawsuit could have a significant impact on the tech industry.

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