Bitcoin Daily: Wells Fargo Says No To Crypto, Apple Bans Crypto Mining Apps

There are apps for all sorts of tasks, but Apple doesn’t want apps to do one thing in particular — mine crypto, CNBC reported. In an update to its developer guidelines, Apple has banned mining.

“Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining,” Apple said on its website. Even so, it would be hard to mine cryptocurrency on an iPad or iPhone, with the high amount of energy needed for such a task.

Wells Fargo has also decided to ban its customers from buying crypto using its credit cards — at least for now, Bloomberg reported. Still, according to Shelley Miller, a spokesperson for Wells Fargo, the bank  “will continue to evaluate the issue as the market evolves.” However, Wells Fargo is not the first bank to put such a restriction into place: Bank of America, JPMorgan Chase & Co. and Citigroup Inc. have put limits on crypto purchases.

In other news, the company that has licensed Kodak’s brand for a digital token dubbed KODAKCoin has inked a deal for sports photography, CoinDesk reported. WENN Digital said on Monday (June 11) that it is teaming up with Oak View Group for a sports photography-related partnership. With the tie-up, the companies seek to have photographers — along with fans — at certain arenas upload and register photos. The idea, according to Jan Denecke, CEO of WENN Digital, is to pay “photographers fairly and [give] them an opportunity to get in on the ground floor of a new economy tailored for them, with secure asset rights management built right in.”

A regulator in the U.K. is warning bank CEOs about cryptocurrency-related risks, CoinDesk reported. The U.K.’s Financial Conduct Authority (FCA) said that banks that offer crypto services to clients need to ensure “that existing financial crime frameworks adequately reflect the crypto-related activities which the firm is involved in.”

In addition, they need to carry out “due diligence on key individuals in the client business.” The FCA said one “high-risk” indicator is the use of state-backed crypto that “is designed to evade international financial sanctions.”

In other news, Ethereum has hit a supply milestone: The circulation of Ether coins has surpassed 100 million, TheNextWeb reported. That occurrence ran counter to Ethereum Co-founder Vitalik Buterin’s 2016 prediction that the circulation of Ether wouldn’t reach 100 million anytime soon. Though Ethereum does not have a cap on the number of coins that can be mined, bitcoin supply is limited to 21 million coins. However, in April, Buterin proposed to cap Ether at a supply of 120 million coins.