Crypto: Apple at the Heart of a Major Legal Battle

The American tech giant is regularly in the spotlight. The reason is its allegedly unfair practices to stifle or even eliminate competition, much to the dismay of users who pay the price. This is the essence of the class-action lawsuit brought against the company, especially regarding the use of cryptocurrencies as a P2P payment method.

Legal Action Against Apple for Restricting the Use of Cryptocurrencies

Once again, the American tech group Apple will have to face justice, this time in the United States. According to new information that has just emerged, a class-action lawsuit has been filed against the company.

The company is accused of having cleverly orchestrated the restriction of the use of cryptocurrencies as a P2P payment method. These allegations are fundamentally serious as they highlight the alleged anti-competitive practices employed by the company.

According to the plaintiffs, Apple would arbitrarily increase the cost of its payment services. As a result, users are faced with inflationary prices that leave them no viable alternative.

The crux of the complaint against the company lies therein. Because the only viable alternative for users, cryptocurrencies, is something Apple has allegedly arranged for users not to enjoy its benefits.

While its platform is ideally suited for peer-to-peer mobile payments, Apple exerts control over all applications installed through its App Store. Consequently, the company hinders decentralized payments. But how does the company go about it?

#Apple Sued for Limiting P2P Payments Via #Crypto And Other Methods#CryptoInvestinghttps://t.co/XqAK8tWT8a

— Everything Crypto (@EverytngCrypto) November 21, 2023

In a Context of Presumed Abuse of Dominant Position?

In their class-action lawsuit filed in the state of California, the plaintiffs highlight the schemes implemented to restrict the use of cryptocurrencies as an alternative payment method.

Specifically, the plaintiffs accuse Apple of abusing its dominant market position. This is at least what is suggested by their accusation that Apple has entered into anti-competitive agreements with Cash App and Venmo.

These agreements would stifle competition in terms of features and pricing. This also includes the incorporation of decentralized cryptocurrency technology into existing or new iOS peer-to-peer payment apps.

Moreover, Apple is accused of banning crypto-related applications in its App Store, citing the example of the Bitcoin Zeus wallets. The lawsuit emphasizes the arbitrary application of fees and restrictions. It also mentions incidents such as the threat to remove the decentralized social network app Damus, supported by Jack Dorsey, because of its tipping function. All of this remains to be proven in court. However, it’s worth noting that this is not the first time that Apple has been sued for its anti-competitive practices. In September, the company was accused of leveraging its dominant position in Apple devices to the detriment of its competitors. In 2022, the European Union (EU) also brought a charge against the American digital giant, following another complaint filed a year earlier by Spotify, accusing the company of distorting competition in the music streaming market. These series of legal pursuits raise serious questions about Apple’s business practices and its impact on the global tech ecosystem, particularly in the rapidly expanding field of cryptocurrencies.