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TrustWallet was removed from the App Store on March 21. On March 22, the project team said that the problem would be rectified as soon as feasible. Because crypto is housed on the blockchain and the app just serves as an interface to their digital assets, Trust Wallet assured consumers that their valuables would be safe. Users were asked not to update or reinstall the program for the time being. Users of Android, on the other hand, were unaffected.
Despite assurances, many consumers were uneasy. Some said they had uninstalled the crypto app from their iPhones and were unsure how they would regain access, while others said they had forgotten their crypto recovery passwords and were concerned about losing their crypto holdings.
Trust Wallet was founded by Six Days LLC and acquired by Binance, the world’s largest cryptocurrency exchange, in 2018. Binance’s official blog announced this in 2018.
Users can use Trust Wallet to receive and transmit cryptocurrency payments, purchase currencies from a variety of service partners, store NFT tokens, and connect to a variety of decentralized services.
However, decentralized applications can only be accessed through the wallet’s browser, which is only available on Android smartphones. This capability has to be deleted from the iOS version of the app in 2021 in order to comply with Apple’s App Store Guidelines and continue selling services on iOS. iPhone users can visit NFT and DeFi sites via the WalletConnect function.
Although the app’s sudden absence hasn’t been officially explained, analysts believe it was caused by a violation of the App Store’s standards, particularly those concerning third-party payments. According to Trust Wallet’s website, the app does not sell cryptocurrency and instead directs users to a third-party supplier, which appears to be the case.
Apple’s hegemony has impacted a wide range of services. It’s difficult to stand up to such a behemoth unless you’re a country-level regulator. This was the situation when a Dutch regulator ordered Apple to comply with an antitrust order concerning dating apps in the country.
Apple responded by claiming “audit rights” on the sales and retaining a 27 percent commission on the concessions. Developers also had to choose between recommending payment systems outside of their apps or employing third-party payment systems, according to the report.
The Authority for Consumers and Markets (ACM) demanded that developers be able to accomplish both, rather than being limited to one or the other. The Dutch regulators did not deem this suggestion “serious,” and fines of $5.5 million were continued for nine weeks, totaling $49.7 million.
Apple has offered additional suggestions to settle the case, according to the Dutch antitrust agency. It is determining whether their proposals are adequate.
It’s unknown whether Trust Wallet and Binance would take a similar stance against Apple, or whether they’ll just stick to their guns and refuse to accept third-party payments. However, one thing is certain: it will not be available to new iOS users.
The best advice for anyone scratching their heads and unsure which wallet to use instead, or who is concerned that another wallet they use may be affected, is to look for wallet apps that aren’t in danger of being deleted from the App Store.
How can we know for sure? To summarize, a wallet should not include a third-party payment system, and all payment and crypto exchange capabilities should be provided by the wallet creator.
NOW Wallet, a crypto wallet designed by the non-custodial crypto exchange platform ChangeNOW, is a good alternative solution that exceeds Trust Wallet in terms of functionality and security. NOW Wallet allows users to store and exchange over 400 coins while on the go. Around 60 fiat currencies and NFTs are supported by the wallet. You have complete control over your private keys and funds because it is a non-custodial wallet.
Crypto.com DeFi Wallet is another worth a look, as it supports over 100 coins and allows users to send crypto at their preferred confirmation speed and network fee.