Apple bans cryptocurrency mining from its app stores

Tuesday, 12 Jun, 2018

Get exclusive fiat and cryptocurrency analysis on for just $39 per month.

As bitcoin prices peaked near $20,000 in December 2017, Apple unveiled a new section of guidelines specific to cryptocurrencies and ICOs on December 20. The latter has five subsections that further describe what apps can and cannot do in terms of cryptocurrency.

This step was taken by the firm considering the degradation of device performance and battery life due to mining as in the performance section of the guidelines Apple noted: "Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources".

That's actually what happened in the case of an app called Calendar 2, according to Apple Insider. This includes the production of wallets and the production of apps for cloud-based mining (no apps will be permitted that allow local mining on iPhones specifically). These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

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

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

Apple has previously blocked apps for supporting cryptocurrencies it disapproves of. The app even made it to number 3 in the finance category of the App Store before Apple pulled it down. Exchanges can offer fully-featured apps offering trading abilities, as long as the apps are issued by the exchanges themselves and not third parties.

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". It also rules that, "Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc".