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DENVER – Uniswap Labs, which backs the top decentralized exchange (DEX) on Ethereum, is planning to launch a mobile crypto wallet for iPhone users, but Apple (AAPL) seems to have other ideas.
“Apple won’t yet green-light our launch and we don’t know why – we’ve responded to their concerns, answered every question and reiterated that we are 100% compliant with their specifications,” a spokesperson for Uniswap Labs told CoinDesk.
The unexplained delay may add to Apple’s perception as a hardline gatekeeper in regulating the crypto world’s access to iOS, its mobile software ecosystem. The iPhone maker has refused to adapt its commerce policies to accommodate some crypto companies and also bans crypto trading apps that don’t use an “approved exchange.”
As a DEX, however, it’s unclear if Uniswap could ever meet Apple’s “approved exchange” criteria. That could mean trouble for its non-custodial crypto wallet app because it plans to also route trades through Uniswap’s permissionless – and unregulated – decentralized exchange.
Uniswap Labs Design Lead Callil Capuozzo said he doesn’t think the company or DEX need to fit into existing regulatory regimes in order for the wallet app to launch.
Other crypto wallet apps on iOS already support DEX token swaps; market leader Metamask even routes some trades through Uniswap. Adding to the confusion, Capuozzo said Apple is giving different answers to different companies on what is and isn’t copacetic.
“It’s a rulebook that nobody can read which is a really hard environment to operate in,” he added.
Apple did not immediately respond to a request for comment.
In a press release, Uniswap Labs said its planned mobile app is primarily a self-custodial crypto wallet, meaning users will have full ownership and control over their assets. The app will also offer the ability to “trade tokens directly with” Uniswap, where more than $1.2 billion in average 24-hour trading volume makes it by far the most trafficked decentralized finance (DeFi) exchange, per CoinGecko.
Rather than wait around for Apple, Uniswap Labs said it plans to release its app to 10,000 users via the TestFlight beta platform. Capuozzo said the limited release will give Uniswap an opportunity to show Apple its service is “safe.”
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Danny is CoinDesk’s Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
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Uniswap, a popular decentralized exchange, is eager to launch its own cryptocurrency wallet application, but the tech giant Apple is refusing the application due to its lack of compliance with App Store guidelines. Uniswap is a peer-to-peer protocol that enables users to trade digital assets directly from their wallets, eliminating the need for a central exchange.
The news of Uniswap’s rejection from Apple, first reported by The Block, highlights the shifting policy landscape for cryptocurrency applications. While the App Store has allowed legitimate digital wallets to access its platform in the past, Apple appears to be taking a harder line against decentralized exchanges.
In a statement, Apple said that Uniswap “sought to facilitate transactions for various digital items, including cryptocurrency, on an app that acted as an exchange for crypto-assets.” Apple further stated that “while the App Store has always supported legitimate wallets and exchanges, this particular application was designed to evade the legal system established by Apple to ensure the safety of our users and their data”.
Uniswap is not alone in finding itself at the mercy of Apple’s strict guidelines. In the past year, multiple crypto companies have been denied access to the App Store, including Coinbase and the Zcash Foundation. Meanwhile, trust-based wallets such as Exodus have been given the go-ahead to be listed in the App Store.
The rejection of Uniswap is a reminder of Apple’s relentless stance against cryptocurrencies, though it appears that Apple has started to soften its stance towards decentralised wallets. This is likely in response to consumer demand for access to digital currencies, and recent rulings from the US Supreme Court that have cleared cryptocurrencies from the securities laws.
Ultimately, it is up to Apple to decide which applications it allows on the App Store. While this may be a setback for Uniswap, it appears that Apple is open to allowing legitimate crypto wallets in the future. It is possible that Uniswap may eventually be allowed to submit its application, assuming it meets all of Apple’s criteria and expectations.
