Lawmakers Probe Apple’s App Store Policies On Blockchain, NFTs; SEC, Binance Unite Against Eeon’s Lawsuit Intervention

Here are some of the major developments from the world of crypto over the past few days
Lawmakers Probe Apple’s App Store Policies On Blockchain, NFTs; SEC, Binance Unite Against Eeon’s Lawsuit Intervention

United States Representatives Gus Bilirakis and Jan Schakowsky have penned a formal letter to Apple CEO Tim Cook about concerns related to the California-based tech giant’s App Store and the potential effect of its guidelines on emerging technologies, such as Blockchain and non-fungible tokens (NFTs).

In the letter, they requested information about whether the App Store’s guidelines might inadvertently hinder the progress and growth of cutting-edge innovations, Cointelegraph reported.

The lawmakers observed a pattern in Apple’s approach to its App Store guidelines, where the company seemingly capitalised on and simultaneously limited the functionality of crypto apps.

They pointed out that Apple achieved this by mandating the release of “lite” versions, which both generated profits for Apple and diminished the overall utility of the applications. As evidence, they specifically mentioned the case of Axie Infinity’s App Store experience.

SEC, Binance Unite Against Eeon’s Lawsuit Intervention

The United States Securities and Exchange Commission (SEC) and Binance have submitted responses regarding the entity “Eeon,” which has sought to intervene on behalf of customers in the SEC’s case against the crypto exchange.

According to the US District Court for the District of Columbia, Binance and the SEC objected to Eeon’s request to intervene in the lawsuit, citing that it does not meet the necessary legal requirements for intervention and consent.

The SEC said that Eeon has a history of repeatedly unsuccessfully representing itself in court cases. The SEC also claimed the Securities Exchange Act prohibited private litigants from intervening, thus making Eeon’s request impermissible, Cointelegraph reported.

The SEC further argued that Eeon’s participation in the lawsuit would have no significant impact, as their claims aligned with those of the defendants and failed to meet the requirements for intervention. The agency also said that Eeon’s counterclaims were contradictory in nature.

Zondacrypto Becomes Largest EU-Based Crypto Exchange

In the wake of tightening crypto regulations in the European Union, fintech firm Zondacrypto has secured an upgraded Estonian operating licence. It is one of the 22 entities confirmed to be compliant with the updated regulatory regime and the largest crypto exchange to do so.

This also makes Zondacrypto the largest cryptocurrency exchange based in the EU that is officially prepared for MiCA, as it has fulfilled strict Estonian requirements.

Two years ago, Estonia introduced stricter licensing requirements in order to impose a more stringent regulatory framework on cryptocurrency companies. On July 12, 2023, the Estonian Financial Intelligence Unit (FIU) decided to grant Zondacrypto an upgraded operating licence in recognition of the exchange’s efforts to comply with the strictest cryptocurrency regulations in the EU, and on July 25, the licence was officially acknowledged in the announcement on the FIU’s website.

Before reaching this decision, the FIU conducted a comprehensive audit to determine the quality of Zondacrypto’s operations and compliance with strict Estonian regulatory standards. The process included a detailed assessment of the platform’s service and back office, as well as advice on how to improve certain operational areas. In the end, the auditors determined that Zondacrypto met the requirements set by the Estonian regulator.

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