Apple Hit with Legal Action for Hindering Crypto P2P Payment Platforms
In Brief
Frustrated users have taken legal action against Apple, alleging it engages in anti-competitive behavior concerning cryptocurrency.
Frustrated users have initiated a class-action suit against the tech giant, Apple alleging that the company is involved in anti-competitive activities.
The plaintiffs claim that Apple has struck deals with PayPal’s Venmo and Block’s Cash App to limit the application of decentralized cryptocurrency technologies in payment applications, leading to skyrocketing user fees.
According to the legal complaint, Apple employs a series of technological and contractual constraints, such as enforced App Store exclusivity and restrictions on web browser functionalities, to maintain tight control over each app's installation and functionality on iPhones and iPads.
These constraints compel new iOS peer-to-peer payment applications to leave out cryptocurrency as a prerequisite for market entry.
The alleged agreements that stifle competition not only hinder feature and price diversity but also obstruct the integration of decentralized cryptocurrency technology in both new and existing iOS P2P payment applications.
Concerns Raised by Plaintiffs Regarding Apple's Anti-competitive Practices
The plaintiffs, who self-identify as consumers affected by excessive charges due to Apple's restrictive practices in the iOS P2P payment sector.
They are seeking relief for the inflated fees they've incurred, citing the company's purportedly anti-competitive actions. Furthermore, they are advocating for legal measures to stop Apple from entering and enforcing restrictive agreements that harm competitors and new entrants in the iOS space. P2P payment market.
This 58-page class-action lawsuit provides an in-depth examination of the history and development of P2P payment solutions and decentralized cryptocurrencies, alongside Apple's role in this market.
Disclaimer
In line with the Trust Project guidelines Please remember that the content on this page is not meant to serve as and should not be taken as legal, tax, investment, financial, or any kind of advice. It's essential only to invest what you're willing to lose and to seek guidance from independent financial advisors if uncertain. For additional information, we recommend looking at the terms, conditions, and help resources offered by the issuer or advertiser. MetaversePost aims to deliver precise, impartial news, though market conditions can fluctuate without prior notice.
