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Binary options apps no longer permitted by Apple

Jun 09 2017
By
Jonathan Smith

Technological giant Apple announced on Thursday it bans binary options mobile apps from the iTunes app store. According to section 3.2.2 of Apple’s guidelines, “Apps that facilitate binary options trading are not permitted on the App Store. Consider a web app instead.”

 

Apple’s move is a severe blow to the binary options industry, as an increasing number of traders prefer trading on the go, and Apple iPhone is the most popular smartphone on the market. Nonetheless, the decision of the tech giant is in line with the latest regulatory tendencies across the globe.

 

The Cyprus Securities and Exchange Commission (CySEC) recently announced it considers banning binary options trading altogether. Cyprus is currently one of the most popular hubs for binary options brokers, after Israel banned the offering of such products within the country, as well as abroad, and forced all call centers of such brokers to shut down. Belgium, on the other hand, banned the distribution via online channels of over-the-counter (OTC) binary options, spot forex, and CFDs with leverage in August 2016. France and the Netherlands are in the process of developing laws that would prohibit the advertisement of risky financial instruments, and Germany is also considering similar steps.

 

Currently, there are approximately 100 applications related to binary options trading, and probably Apple has received a lot of user complaints. It is unclear whether the ban would affect the existing binary options trading applications, but new updates of apps with binary options won’t be allowed. It is also not clear whether Google will follow suit and ban binary options apps from the Google Play Store for Android devices.

 

Binary options are the most controversial over-the-counter (OTC) financial product, as it is the closest to gambling. As a result of the recent regulatory pressure on the industry and its increasingly negative reputation, some binary options brokers have left the market (such as Banc De Binary) and others changed their focus to forex trading (BDSwiss and its new forex brands Swiss Markets and BDSwiss Forex).

 

TAGS: Apple  binary options  mobile apps 
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