According to the information given through a statement, after the intervention by the Australian Securities & Investment Commission, Apple and Google removed over 300 so-called binary trading applications from their online stores.
The country’s securities regulator went on to say that it made the request to Apple and Google after numerous cases of fraud involving unlicensed operators of the apps, which encourage consumers to make bets on whether instruments like shares or currencies will rise or fall. While some are legitimate operations, there has been an explosion in unlicensed products operating across borders and beyond the reach of regulators in recent years.
Some of the apps “make outrageous claims” said Greg Yanco, head of market integrity at ASIC. “There is an issue globally with these products.”
An Australia-based spokeswoman for Apple pointed to its recently updated developer guidelines, which explicitly prohibit all new apps that facilitate binary options trading, but declined to comment further on its discussions with the Australian authorities.
“We remove applications that violate our policies. We don’t comment on individual applications,” said an Australia-based spokesman for Google.