CEO of Coinbase accuses Apple of stifling cryptocurrency innovation

Coinbase CEO Brian Armstrong released a statement that the App Store’s guidelines are stifling cryptocurrency’s innovation in a tweet.

Armstrong, head honcho of the digital currency exchange outlines how Apple has put in numerous restrictions on how digital currency is handled in the App Store policy.

The Coinbase app in iOS prevents the company from earning cryptocurrency revenue and gaining access to decentralized finance apps. In particular, Armstrong emphasizes that the limit stops them from referring users to websites they can visit via app, e.g., DeFi and Dapps.

The Coinbase CEO further argues that Apple’s ruling is similar to Microsoft pushing its users to use Internet Explorer in the past, which led to an antitrust case and government scrutiny.

Most crypto apps are severely limited as they are missing key features. Armstrong intends that he will submit a ‘formal challenge’ to try and change the new review process the Cupertino-based company announced in June.