Thursday, 23 May, 2019

Apple Bans Apps That Mine Cryptocurrencies

Apple CEO Tim Cook speaks at Apple's Worldwide Developer Conference Apple blocked developers from harvesting contacts last week Credit AFP
Cecil Davis | 12 June, 2018, 02:03

Spotted by AppleInsider, the new rules say that "apps, including any third part advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining". This includes the production of wallets and the production of apps for cloud-based mining (no apps will be permitted that allow local mining on iPhones specifically).

This is the first time Apple has offered a clear stance on its policy on cryptocurrency apps. Bitcoin is now sitting at around $6,750, while the global crypto market lost an estimated $42 billion in value as a result of the hack.

Apple updated its App Store review guidelines last week, during the WWDC 2018 conference.

Some of this will actually be good news for crypto investors. "Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization", the policy states.

CFTC Issues Subpoenas To Four Major Cryptocurrency Exchanges
In particular, the trading data of the Bitcoin exchanges that provide price feed to the CME has been requested. Bitstamp chose not to comment on the investigation, and Coinbase did not respond to a request for comment.

The iPhone isn't a great cryptocurrency miner, especially compared to special mining machines, but that doesn't mean that a surreptitious app couldn't mine tokens like Monero in the background.

Apple also has an existing section addressing cryptocurrency apps on its App Store that's been in place since about 2014. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs).

Six months after crypto exchange Coinbase's app became the number one trending app on the App Store, Apple has now apps to provide wallet services under a caveat. Next, Apple plan on allowing cryptocurrency exchange applications and they even want to allow apps that facilitate initial coin offerings (ICO's), providing they comply with local laws. These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

Finally, the world's most valuable company has also mandated that apps do not offer cryptocurrency as rewards to users for completing tasks.