Apple forces Coinbase to change its crypto products, says CEO

Apple forces Coinbase to change its crypto products, says CEO

Brian Armstrong, the CEO of United States cryptocurrency exchange Coinbase, alleges that Apple is stifling innovation in crypto and sidelining DeFi to protect itself from competition.

In a Twitter thread published on Sept. 11, Armstrong doubled down on his earlier claims that Apple continues to block some functionalities for cryptocurrency developers. 

The CEO alleged that other cryptocurrency firms are “reluctant to speak out on these topics for fear of retaliation,” but that he feels the need to speak out as Coinbase has exhausted regular channels for dialog with Apple and has reached a “dead end.”

According to Armstrong, Apple has told Coinbase that it is prohibited from adding two specific functionalities to its iOS apps: the ability to earn money using cryptocurrency and access to decentralized finance (DeFi) apps.

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The first restriction, which affects the exchange’s Coinbase Earn product, has reportedly led to Coinbase having to modify its app in a way that is significantly less user friendly. 

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