Cryptocurrency App Rules updated by Apple’s App Store

Apple has reviewed its App Store policies relatively to crypto applications making rules a bit stricter, applying them to wallets, exchanges, and ICO platforms
09 June 2018   397

The Apple App Store is a sought-after application marketplace which offers over 783,000 gaming apps, and 2.3 million non-gaming apps. Recently the App Store changed its guidelines towards cryptocurrency applications that can be downloaded through the marketplace.

According to the new rules, cryptocurrency applications must stick to the following description criteria that include wallets, ICOs,  cloud mining platforms and exchanges.  Mining apps using an iPhone’s chipset to mine digital currencies are strictly forbidden and are only let if the software is processing the mining off the device (for example,  cloud-based mining).

Apple’s revised rules claimed that Wallet Apps can be used as virtual currency storage, provided they are suggested by developers registered as an organization. Exchange Apps might support cryptocurrency transactions or transmissions of an approved exchange, provided they are proposed by the exchange itself.

Initial Coin Offering Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.
Apple App Store
Revised Cryptocurrency Rules

The company removed all Bitcoin-related applications 4 years ago, and 2 years ago it was quite steady relatively to altcoins when it asked firms to remove digital assets like dash off their apps. Presently there are a lot of cryptocurrency applications and more added every day, but the freshly rules may exert a few apps already featured on Apple’s App Store, and cryptocurrency applications looking to be issued in the future.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   272

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.