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ASIC contacts Apple and Google to remove unlicensed binary options mobile apps

Aug 02 2017
By
Jonathan Smith

The Australian Securities and Investments Commission (ASIC) said on Tuesday it has contacted Apple and Google in relation to the numerous mobile binary options apps, illegally targeting Australian investors. According to an ASIC review from March this year, there are around 330 such apps offered by unlicensed entities and individuals.

 

The regulator reported that the majority of those mobile apps (63%) were offered to Australians by binary options brokers, 25% of them - by signal providers, and the rest were controlled by introducing brokers or were apps intended to influence people to trade binary options.

 

ASIC also expressed its concern that many of the apps were making misleading statements and promising huge profits, like “Earn up to 90% in less than an hour”, or ”profit as much as 620% via one trade”, for example. Besides, 80% of the apps did not mention the risks related to binary options trading.

 

On top of that, the Australian financial watchdog found out that some binary options reviews or education sites were in fact collecting personal information, which could be used for cold calling.

 

Hence, ASIC has contacted Apple and Google about those apps and they were swiftly removed from the respective stores.

 

This is a timely reminder for investors to remain vigilant and not fall for flashy advertising or hard selling”, ASIC Commission Cathie Armour commented. “Investors also need to make sure any financial service provider, regardless of the way that financial service is being provided, is adequately licensed and authorised to provide those services,” she added.

 

Recently, Apple changed its developer guidelines and announced it bans all binary options trading apps from the iTunes app store.

TAGS: ASIC  regulation  binary options  mobile trading apps 
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