Monday, 24 September, 2018

Apple bans cryptocurrency mining from its app stores

Bitcoin rebounded on Tuesday despite reports that Apple banned mining on all of its devices Bitcoin rebounded on Tuesday despite reports that Apple banned mining on all of its devices
Sandy Mccarthy | 12 June, 2018, 05:16

Two sections have been updated in the new App Store Review Guidelines -section 2.4.2 (Hardware Compatibility) and 3.1.5 (b) (ii) (Cryptocurrencies).

Because the App Store is the only way for most people to install software on their iPhones, Apple's new rule also suggests that there may not be any purpose-built apps to mine cryptocurrency either - not that any of these apps would really make any money for users. Apps also can not offer cryptocurrencies as a reward for performing certain tasks such as downloading certain apps, or posting messages on social media. However, apps can provide cloud-based mining services. 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.

Apple has a clear message for cryptocurrency enthusiasts: Don't mine it on our devices. The section also bans apps and any third-party ads from running "unrelated background processes, such as cryptocurrency mining".

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Apple additionally wants to ensure the seriousness of Initial Coin Offerings, cryptocurrency futures trading, and other crypto-securities or quasi-securities trading. The technology giant reversed its stance soon after, despite pulling moves like removing multi-cryptocurrency wallet Jaxx after its disapproval of Dash in 2016.

Apple has previously blocked apps for supporting cryptocurrencies it disapproves of. Apple allows apps like Coinbase and Robinhood to enable users to trade Bitcoin, Ethereum, and other cryptocurrencies, so it's not a complete ban on mobile crypto. In a dedicated cryptocurrency section, the company goes on to break down in more detail what is - and, crucially, is not - permissible.

The guidelines do allow apps that facilitate ICOs, as long as they work with established banks and follow all applicable compliance laws. 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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