Then why was it accepted in the first place?

Edit: I know they've redacted apps after release plenty of times in the past, but it clearly involves bitcoin and they clearly have a stance on that, so chances are good that it was a calculated decision.

why?

Apple has rejected every app that has anything to do with Bitcoin (aside from graphs and stats) thus far.

Examples:

http://www.bitpak.com/?p=34

https://blockchain.info/wallet/iphone-app

http://bitcoin.stackexchange.com/questions/5386/why-isnt-bit...

http://www.forbes.com/sites/jonmatonis/2012/06/13/why-apple-...

The Coinbase app doesn't allow trading, so I don't really see the issue. That's what they've objected to in the past.

no they objected to the entire idea of bitcoin as an 'intermediate currency'

There's a lot of similar apps on the app store that let you view accounts / exchange rates, just not take part in transfers. It seems they are allowed, just not ones that allow trading.