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Google Play no longer allows binary options apps

 

Google updated its developer policies and banned binary options apps from the Google Play Store for Android devices previous week. The online giant's move is what seems the final nail in the coffin for these controversial fiancial instruments with huge scam potential.

 

 

We'd like to remind you that US technology giant Apple, on the iothe hand, explicitly banned binary options trading applications in June last year. So, Google followed suit two weeks after the European Securities and Markets Authority (ESMA) imposed three-month ban on binary options. According to ESMA’s announcement, the prohibition is needed to protect investors due to the products’ characteristics.

 

Binary options are marketed as easy-to-trade financial instruments and traders are usually being promised high returns (usually between 75% and 85% of the bet, depending on the broker). However, the truth is that binary options are the closest thing to gambling in the trading world and most of the brokers that offer them are not licensed or pure scams. A recent survey of UK’s Financial Conduct Authority revealed that Brits lose an average of GBP 87 000 a day to binary options scams.

 

In March, 2018 Google also changed its Adwords Advertising Policy, which includes ban on any ads for binary options. The ban also covers Adwords for initial coin offerings (ICOs), crypto-exchanges, cryptocurrency wallets, and cryptocurrency trading advice.

 

TAGS: Google play  binary options  ban  mobile apps 
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