Apple Faces Lawsuit for Blocking Crypto Peer-to-Peer Payment Services
To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.
Displeased consumers have initiated a class-action lawsuit against Apple, accusing it of participating in anti-competitive crypto practices.
Displeased consumers have initiated a class-action lawsuit against tech giant Apple, accusing the company of participating in anti-competitive practices.
According to plaintiffs, the company entered into agreements with PayPal’s Venmo and Block’s Cash App to restrict the use of decentralized cryptocurrency technology in payment apps, resulting in users paying rapidly inflating prices.
Apple uses technological and contractual limitations, including hardware-enforced App Store exclusivity and contractual limitations on web browser technology, for unfettered control over the installation and operation of every app on iPhones and iPads, the lawsuit contends.
With these restraints, Apple forces new to market iOS P2P payment apps to exclude cryptocurrency “as a condition for entry”.
These alleged anti-competitive agreements not only limit feature and price competition but also prevent the incorporation of decentralized cryptocurrency technology in existing or new iOS Peer-to-Peer Payment apps.
Plaintiffs Against Apple’s Anti-competitive Conduct
The plaintiffs, identifying themselves as customers who have paid inflated fees as a result of Apple’s trade restraints within the iOS P2P payment market.
They are pursuing compensation for excessive fees and overcharging, due to the company’s alleged anticompetitive conduct. Additionally, they seek injunctive relief to prevent the company from entering into and enforcing anticompetitive agreements that restrict competitors and potential entrants in the iOS P2P payment market.
The 58-page class action involves a detailed history and evolution of peer-to-peer payment apps and decentralized cryptocurrencies, along with Apple’s entry in this market.
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.