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Apple bans mining cryptocurrency on iPhones (AAPL)

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It's a new rule included in the latest version of Apple's App Store policies, released last week as part of the company's annual developer conference.

These are all new requirements that app developers need to be aware of that were not in the guidelines before. According to Apple, "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining".

In terms of what Apple will allow, cryptocurrency wallet apps are still allowed, "provided they are offered by developers enrolled as an organization". The move comes at a time when 'cryptojacking', a malware attack wherein malicious attackers scrumptiously hijack a computer or a phone's computing power to mine cryptocurrencies, is a growing menace.

Mac and iOS users haven't been targeted as much as web servers and Windows users, who've taken the brunt of most coinmining malware campaigns, but Apple has seen at least one incident in March when a cryptocurrency miner slipped on the Mac App Store inside the Calendar 2 app by Qbix. No apps may mine crypto, unless they process that mining off the device, like in cloud-based mining. These, Apple writes, "must come from established banks, securities firms, futures commission merchants, or other approved financial institutions and must comply with all applicable law".

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Notably, Apple announced it will be phasing out support for legacy Safari Extensions available for download outside of the company's official Safari Extensions Gallery. Earlier in the year, Apple removed Calendar 2 from the Mac App Store because the app would offer mining cryptocurrency on devices in exchange for premium features. Apps also can not offer cryptocurrencies as a reward for performing certain tasks such as downloading certain apps, or posting messages on social media.

Apple has been pushing extension developers toward Safari App Extensions for a few years now.

Apple is also cutting down on third-party apps providing crypto transactions on approved exchanges.

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