Apple ban targets crypto mining apps |

Apple ban targets crypto mining apps

Peter Terlato 11 June 2018 NEWS

Apps are still allowed to facilitate cryptocurrency transactions but mining operations are now forbidden.

Electronics giant Apple has updated its rules to prohibit cryptocurrency mining on its iPhone and iPad devices.

Apple’s App Store review guidelines have been amended to include a warning that apps “may not mine for cryptocurrencies”. The new rule was added as part of an entire subsection dedicated to cryptocurrencies.

The rules also state that apps may mine for digital currencies if processing is performed off device, for example cloud-based mining operations. Apps are still permitted to facilitate transactions or transmissions of cryptocurrency via approved exchanges but cryptocurrency apps may not offer currency for completing tasks.

Apps facilitating Initial Coin Offerings (ICOs), cryptocurrency futures trading and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (FCM) or other approved financial institutions and must comply with any and all applicable laws.

Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.

Apple’s review guidelines on cryptocurrency mining

Prior to the updated guidance, there was only a brief mention of cryptocurrencies in Apple’s guidelines, stating that apps were permitted to facilitate transactions and ICO-related apps must come from established firms.

More than $1 billion worth of digital currency has already been stolen in just the first six months of the year, with cryptocurrency-thieving malware being the most preferred method of fraudulence for cybercriminals.

Some of the most well-known app stores in the world are housing malicious bitcoin apps. These apps are built with the sole intention of stealing personal data and money from the associated hacker’s targets. Apple, Google Play, SameAPK, and APKPlz are among the app stores potentially at risk.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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