Apple is cracking down on crypto apps. The latest version of the company’s App Store Review Guidelines, which went live recently, put a blanket ban on crypto lending and other services that would allow users to earn money by using their smartphones or computers like a mining rig. It also doubled down on the 30% cut of sales it takes from apps selling digital goods in fiat currency (or “fiat currencies”).
Apple has continued its crackdown on cryptocurrency apps, with two new rules. The first bans all crypto exchanges and the second prohibits users from performing on-chain transactions through their wallet app.
The 30% cut is not a new policy, but it’s still something that can put a serious dent in your profits as an exchange. A large amount of your revenue goes toward paying Apple’s fees and any other costs associated with maintaining an app in Apple’s ecosystem (including legal fees). The ban on crypto lending is also not particularly surprising given that it requires users to give up their private keys for use by others, which could potentially leave them vulnerable to theft or loss of funds if those keys were leaked to unscrupulous individuals or groups.
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Apple has put a blanket ban on crypto lending and other services. This is a good thing for the industry, as Apple has been very strict with their guidelines since they started accepting cryptocurrency apps in 2019. The new guidelines are likely to reduce the number of scams in the App Store and prevent people from accidentally purchasing digital assets through their devices when they mean to buy something else (like an app).
The recent changes to Apple’s App Store Review Guidelines are intended to make sure that apps meet the company’s standards for security and privacy. But they also put a blanket ban on crypto lending and other services related to digital assets. This is just one more reason why it’s important for investors and traders to be aware of their options in terms of where they can trade cryptocurrencies safely and securely without having their investments tied up indefinitely by banks or credit card companies.