US Lawmaker Demands Answers From Apple and Google on Measures Against Fake Crypto Apps

US Lawmaker Demands Answers From Apple and Google for Listing Fake Crypto Apps in App Stores

A U.S. lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures against fake cryptocurrency apps appearing in the Apple App Store and the Google Play store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.”

U.S. Senator Questions Chief Executives of Apple and Google on Fake Crypto Apps

Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Apple CEO Tim Cook and the CEO of Alphabet and Google, Sundar Pichai, regarding their measures against fake cryptocurrency apps on their platforms.

He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.”

Senator Brown’s letters followed a warning by the Federal Bureau of Investigation (FBI) against fake cryptocurrency apps that have scammed hundreds of investors for losses of more than $42 million.

The lawmaker told the chief executives of Apple and Google, “Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,” noting that “Crypto mobile apps are available to the public through app stores,” including Apple’s App Store and the Google Play store.

He added:

While crypto apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.

Senator Brown concluded his letter to Apple and Google by asking five questions, requesting the executives to respond by Aug. 10.

The questions ask the executives to describe their app stores’ app review process, the criteria used to determine whether to approve an app, the steps they take to prevent crypto apps from circumventing app store policies and turning into phishing apps, all the systems and the processes put in place for people to report fraudulent apps, and all actions their app stores have taken to alert people about actual or potentially fraudulent activity associated with cryptocurrency investment apps.

The lawmaker told the CEOs that the purpose of the questions is “To better understand the measures your company is taking to prevent fraudulent activity in your app store.”

What do you think about Senator Sherrod Brown questioning the CEOs of Google and Apple on fake crypto apps? Let us know in the comments section below.

Earning Passive Income With Crypto

Related Posts

Has the U.S. Dollar Index (DXY) Completed Its Uptrend?

After months of upward movement, the U.S. dollar index (DXY) may have peaked and initiated a downtrend. In early August, the DXY broke down from its long-term,…

20000% in One Minute on Play to Earn Game Tothesmart

PRESS RELEASE. The crypto enthusiast has got 10,032 BUSD into their wallet by buying virtual miners in the Play To Earn game Tothesmart for only 50 BUSD….

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

The Merge has successfully been implemented into Ethereum’s third and final testnet, Goerli, after previously adding Merge support to the testnets Sepolia and Ropsten. The Merge was…

Arsenal Loses Appeal Over Misleading Crypto Advertising

Premier League giants Arsenal F.C. have lost an appeal and been given a second warning by the U.K.’s Advertising Standards Authority (ASA) over the “misleading” marketing of…

Medieval Empires: Ertugrul To Ease Entry Into Web3 Gaming

In light of blockchain gaming’s advancement into the mainstream gaming industry, Medieval Empires: Ertugrul’s founding team attended the Blockchain Economy Istanbul Summit, the biggest blockchain event in…

Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10%

Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher…