Apple Faces Class-Action Lawsuit Over Alleged Conspiracy to Limit Crypto Payment Options

According to Cointelegraph, a class-action lawsuit has been filed against Apple by disgruntled consumers, accusing the tech giant of conspiring to limit peer-to-peer payment options on its devices and block crypto technology from iOS payment apps. The complaint, filed on November 17 in a California District Court, alleges that Apple entered into anti-competitive agreements with PayPal's Venmo and Block's Cash App to restrict the use of decentralized cryptocurrency technology in payment apps, causing users to pay rapidly inflating prices. The plaintiffs claim that Apple uses technological and contractual restraints, including hardware-enforced App Store exclusivity and contractual limitations on web browser technology, to exercise unfettered control over every app installed and run on iPhones and iPads. With these restraints, Apple can force new-to-market iOS P2P payment apps to bar crypto as a condition for entry, according to the suit. The plaintiffs describe themselves as customers who have paid inflated fees due to Apple's restraints of trade across the iOS P2P payment market. They seek to recover excessive fees and overcharging due to Apple's alleged anti-competitive conduct and injunctive relief barring the firm from continuing to enter into and enforce anti-competitive agreements restraining iOS P2P Payment Market competitors and would-be entrants. The 58-page class action details the history and rise of peer-to-peer payment apps, decentralized cryptocurrencies, and Apple's entry into this market. In April, the Court of Appeals for the Ninth Circuit ruled that Apple violated California's competition laws by not allowing apps to direct users to non-Apple linked payment solutions.