Key Takeaways
Apple Cash will tighten identity verification rules for users who haven’t verified their identity.Green Dot Bank will keep its ban on crypto asset-related Apple Cash transactions.Both Green Dot and Apple are undergoing changes that could affect their crypto asset strategies.
Apple has been emailing users about Green Dot Bank’s updated terms for Apple Cash, a digital prepaid card in the iPhone Wallet app. Starting Nov. 9, users who haven’t verified their identity will no longer be able to reload their Apple Cash balance, the tech giant said. The service, available only in the U.S., is provided by Green Dot Bank, which already limited what unverified accounts can do.
According to Apple, Green Dot requires identity verification for fraud protection and regulatory reasons.
Under Green Dot’s terms, unverified users already cannot send or receive more than $500 through person-to-person transfers. However, Apple noted that unverified users can still spend the money in their Apple Cash accounts with Apple Pay and transfer it to their bank accounts.
Restricted Bitcoin and Crypto-Related Transactions
Meanwhile, the crypto asset transaction ban remains unchanged in Green Dot Bank’s updated terms for Apple Cash users. The ban was introduced in 2024, according to earlier versions of the terms saved by the Internet Archive’s Wayback Machine.
The terms say Apple Cash cards, balances, and money transfers cannot be used for “cryptocurrency transactions.” Gambling-related transactions, broker/dealer transactions and third-party money transfers are also forbidden.
Compared with the spring 2024 version, the current terms also contain an “except as otherwise permitted” carve-out, which allows the bank to make exceptions.
Apple Cash balances are held only in U.S. dollars, so the ban covers using this money in crypto asset-related deals, such as paying a crypto exchange with an Apple Cash card to buy crypto assets. However, it’s not clear how the ban would be enforced in a P2P transaction when buying, for example, bitcoin.
As reported by Bitcoin.com News, Goldman Sachs restricted crypto asset-related transactions with Apple Card in 2019. In January 2026, the bank said it was transitioning the Apple Card program and associated accounts to JPMorgan Chase, a process expected to be completed by the end of 2028. It is unknown how this transition might affect crypto asset purchases made with an Apple Card. In either case, Chase already allows its own credit-card customers to fund Coinbase accounts.
Crypto Partnership and Upcoming Changes
Meanwhile, Green Dot is not a stranger to the crypto asset world. Last year, Green Dot Corporation partnered with Crypto.com, offering its U.S. clients an on-ramp and off-ramp for the platform’s Cash Accounts.
Separately, in June 2026, Green Dot said it expected to complete a deal in the third quarter of 2026 under which Commerceone Financial Corporation would acquire Green Dot Bank, while Smith Ventures would acquire Green Dot’s non-bank fintech business. The company hasn’t issued an update on the transaction since then, and it’s also unclear whether the new owners will change anything for Apple Cash users.
At the same time, Apple has just got a new boss, as John Ternus became Apple’s CEO on Sept. 1, 2026. Tim Cook moved to executive chairman after 15 years as CEO. As reported by Bitcoin.com News, there is no public information on Ternus’ views on crypto assets, while Apple’s crypto asset strategy could depend as much on other executives.
For example, longtime Apple Pay and Wallet services boss Jennifer Bailey is retiring at the end of October, and her successor should be announced before she leaves.
