Apple New Policy, Wells Fargo Ban

This article was published on: 06/12/18 7:19 PM

Kajetan MaćkowiakWritten by | cryptocurrency, news

Apple New Policy, Wells Fargo Ban

New Apple guidelines to uploading an app to the AppStore, right now cryptocurrency-based apps have stricter rules.

Also, another banking giant bans their customers from buying cryptocurrencies via their credit cards.

Wells Fargo Ban

Another banking giant announced that they would no longer allow the customers to use their credit cards to purchase cryptocurrencies. Wells Fargo, one of the largest banks by assets in the U.S, has lately forbidden using credit cards to buy cryptocurrencies, according to the Fortune.

Using a credit card to buy cryptocurrencies can be a risk for the bank, we wrote about it earlier. Right now, another big player has decided to prohibit customers from buying cryptos with cards issued by them.

A bank spokesman said that decision had been made, as he said, “to avoid risks.” Investing in cryptocurrencies is taking a risk, and when it comes to money, the bank does not want to take the same risk as customers would do.

However, the bank will monitor cryptocurrency market to see in which way they will go. As the spokesman ended, “we will continue to evaluate the issue as the market evolves,”

They  issued a list of banks which prohibit using credit cards to purchase cryptocurrencies gets longer every day. At the beginning of the year, JP Morgan Chase Bank of America and Citigroup also banned customers from using their credit cards for cryptos.

Apple Guidelines

Illegal cryptocurrency mining is a hot topic in the last months; there was malware which used your CPU via a website to mine cryptos. In recent weeks there was also a mobile app which was doing the same. Right now Apple made the first step to ban that.

However, in the recent IOS update, Apple made a statement about mining, wallets, and ICOs. Earlier, there were guidelines specified for apps which were facilitating cryptocurrency exchanges .Now they are stricter than before; Apple, prohibited developers from using AppStore to spread ‘apps, including any third party advertisements displayed within them’. They may not run unrelated background processes, such as cryptocurrency mining via their platform.

Also, right now there are five strict points about cryptocurrencies and apps in which are crypto-based.

Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.

Mining: Apps may not mine for cryptocurrencies unless the processing is performed off the device (e.g., cloud-based mining).

Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.

Initial Coin Offerings: 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 all applicable law.

Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc. – Apple

 

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Last modified: June 12, 2018

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