Coinbase Disables iOS Wallet’s NFT Trading Due to Apple’s App Policies
- Coinbase said that Apple had blocked the release of the latest iOS version of its mobile wallet app until NFT trading functionality was disabled.
- The exchange also claimed that Apple wanted all gas fees required to send NFTs to be paid through its In-App Purchase system so that it could collect 30% of the fees.
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Cryptocurrency exchange Coinbase was forced to disable non-fungible token (NFT) trading on its iOS self-custody wallet app due to interference from Apple, the company said via Twitter on 1 December.
According to the Twitter thread, the tech giant had blocked the release of the latest iOS version of Coinbase Wallet until the NFT trading functionality was disabled. The exchange claimed that Apple was demanding that the gas fees needed to transfer NFTs were paid through its proprietary In-App Purchase system, which collects a 30% fee on any transaction. Coinbase wrote:
“This is akin to Apple trying to take a cut of fees for every email that gets sent over open Internet protocols. The biggest impact from this policy change is on iPhone users that own NFTs – if you hold an NFT in a wallet on an iPhone, Apple just made it a lot harder to transfer that NFT to other wallets, or gift it to friends or family.”
Coinbase also pointed out that it could not comply with Apple’s demands even if it wanted to, seeing as its proprietary In-App Purchase system did not support cryptocurrencies. The exchange accused Apple of introducing “new policies to protect their profits at the expense of consumer investment in NFTs”.
Apple has never officially banned applications from offering in-app NFT minting, buying, or selling, but its rules make it almost impossible. Back in October, the company officially refused to exempt NFT trading from its 30% fee policy, which has kept NFT marketplaces like OpenSea from offering NFT trading within their mobile apps.
Coinbase and the wider NFT community are not the only ones who seem to have a problem with the tech giant’s policy. Tesla and Twitter CEO Elon Musk also questioned Apple’s 30% in-app fee recently, and claimed the tech giant had threatened to remove Twitter from its App Store. Earlier today, Musk revealed that he had a conversation with Apple CEO Tim Cook, and that the misunderstanding had been resolved.
- Initially launched in the U.S., U.K., Germany, and Ireland, Coinbase One offers its subscribers zero-fee trading, improved staking rewards, 24/7 customer support, and more.
- The $29.99 per month service also offers additional benefits through Coinbase’s partnerships, and will be rolled out to 31 additional countries in the coming months.
Coinbase CEO Brian Armstrong speaking at TechCrunch Disrupt SF 2018. Steve Jennings/Getty Images for TechCrunch
- The U.S. SEC claimed in its response that it was under no obligation to issue new regulations for crypto, and that rules for crypto were already published and were sufficient.
- The agency also tried to distance itself from any public comments made by its chair Gary Gensler, particularly regarding his statement that most cryptocurrencies are securities.
- Ishan Wahi was sentenced to 24 months in prison for his illegal use of confidential information he obtained during his time at Coinbase.
- Wahi, his brother, and a friend, had allegedly made around $1.5 million between June 2021 and April 2022 by purchasing digital assets before their Coinbase listing was announced.