Coinbase CEO Criticizes Apple for Restrictive Policies on DeFi Apps

UTC by Chuks Chukwuka · 2 min read
Coinbase CEO Criticizes Apple for Restrictive Policies on DeFi Apps
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Earlier Coinbase has had to modify some of its apps to comply with such restrictive Apple policies.

The CEO of Coinbase Brian Armstrong has made scathing remarks on Apple Inc (NASDAQ: AAPL). The Coinbase chief executive made the comment via a tweet in which he wrote that the tech company has placed restrictions on certain apps relating to cryptocurrencies. According to Armstrong, there are certain types of apps that his company has attempted to add to the Apple store but have been hindered due to Apple’s restrictions.

“Here is the issue. Apple has told us we cannot add the following functionality in our iOS apps: (1) the ability to earn money using cryptocurrency and (2) the ability to access decentralized finance apps (sometimes called DeFi apps or Dapps),” stated he.

Armstrong said that the Coinbase team had tried reaching out to Apple via regular communication channels and even tried contacting the leadership of the company without success. This is the second time Armstrong has complained about Apple’s policy towards earning through cryptocurrency. He wondered why the company would be against people earning during a recession and concluded that the issue is that such earnings are through cryptocurrencies. Last December, in a tweet that hinted to the difficulties Coinbase may be encountering at the Apple store, Armstrong wrote:

“Apple seems to be eliminating usage of Dapps from the App Store.”

Coinbase has had to modify some of its apps in the past to comply with such restrictive Apple policies. Dapps and DeFi, according to a later tweet by Armstrong are just websites that enable its users access credits irrespective of their locations. He said that Apple’s policy in essence is stating that app owners cannot decide on which websites to direct their customers to.

He said that the company may have to find other means of letting Apple know that there are customers that need these services.

“This is an important area of innovation in finance, and many developers and early adopters of this technology have millions of dollars worth of crypto tied up in these financial applications, which they will no longer be able to use on Apple mobile devices if this app store policy continues,” he said.

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Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.

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