Apple Bans Apps That Mine Cryptocurrencies

Apple Updates App Store Guidelines, Tightens Rules for Crypto-Related Apps

Revised wording in the App Store review guidelines notes that Apple is banning apps which "run unrelated background processes, such as cryptocurrency mining".

Apple is cracking down on cryptocurrency activity on its devices.

It's a new rule included in the latest version of Apple's App Store policies, released last week as part of the company's annual developer conference.

(Kitco News) - Tech giant Apple has taken a major step against cryptocurrencies by outlawing digital mining on all of its devices, including iPhones, iPads, iMacs, MacBook Pros, and others. The move comes at a time when 'cryptojacking', a malware attack wherein malicious attackers scrumptiously hijack a computer or a phone's computing power to mine cryptocurrencies, is a growing menace.

Preventing cryptocurrency mining is crucial on iOS because this untethered mining operations can easily overheat or destroy batteries -or even devices if the battery case deforms, leaks, or catches fire.

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In sticking with the original mandate, only mainstream banks and similar financial institutions will be allowed to develop and publish apps enabling crypto futures trading and initial coin offerings, Apple said. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs).

If you haven't worked it out yet, this news is very good news and will see some brand-new cryptocurrency-based applications go live on the App Store.

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.

Making its position clear " Purchasing and Currencies 11.17 Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions". Finally, cryptocurrency apps can't offer currency as a reward for downloading other apps, posting to social networks or encouraging other users to download apps.

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