Apple bans mining cryptocurrency on iPhones (AAPL)

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

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. News about Apple's changes to the App Store aren't likely to play particularly well.

Apple has updated its review guidelines to specifically prohibit iOS and Mac apps uploaded on the company's official App Store from utilizing users' devices for cryptocurrency mining operations.

Apple also has an existing section addressing cryptocurrency apps on its App Store that's been in place since about 2014.

Apple has also outlawed apps from mining cryptocurrencies on the device altogether. In the most recent update, that section's language precludes apps from hiding mining (or other) features within background tasks.

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. Initial offerings including futures investments, or other securities dealing with cryptocurrencies must be offered by an established bank, securities firm or exchange. According to Apple, "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining".

Canada parliament condemns USA attack on Trudeau, country simmers
But the diplomatic fireworks ended up even more spectacular than anticipated. "Instead of fighting among ourselves". For context, Trump slapped hefty tariffs on steel and aluminum products on his G7 allies before the summit.

Apple additionally wants to ensure the seriousness of Initial Coin Offerings, cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

Four years ago, Apple removed every single bitcoin wallet application on its App Store, including popular wallet app Blockchain.

Speaking to CCN at the time, Jaxx CEO Anthony Di Iorio revealed Apple had stuck to approving a select six cryptocurrencies, namely: Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple and the then DAO token.

In July 2017, Apple 'approved' Dash as a cryptocurrency. Exchanges can offer fully-featured apps offering trading abilities, as long as the apps are issued by the exchanges themselves and not third parties. 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. Exchanges are fine, too, as long as they are the ones offering transactions or transmissions of currency.

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