Coinbase Halts NFT Transfers on iOS Wallets, Blames Apple’s 30% App Tax
Coinbase (NASDAQ: COIN) said it has halted all NFT transfers for customers using its iOS wallet, citing Apple’s (NASDAQ: AAPL) in-app purchase policy on gas fees.
The crypto exchange took to Twitter to express its grievances with Apple on Thursday, exclaiming the tech giant is forcing Coinbase to pay gas fees via Apple software, from which Apple takes a 30% cut as part of its app tax. However, even if it wanted to comply, the exchange argued that its not possible because Apple doesn’t support cryptocurrencies in the first place.
“For anyone who understands how NFTs and blockchains work, this is clearly not possible,” Coinbase said. “Apple’s proprietary In-App Purchase system does not support crypto, so we couldn’t comply even if we tried.”
The latest set of grievances comes amid an ongoing dispute between Apple and NFT users, after the tech giant in October announced NFT trading won’t be exempt from its 30% App Store fee anymore. Similarly, new Twitter CEO Elon Musk made similar objections regarding Apple’s in-app fee policy, unveiling that the tech giant even threatened to remove the social media platform from its App Store for reasons unknown.
Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.