Apple pulls host of 'binary trading' apps on demand by Australian government

Apple and Google have agreed to pull 330 binary options trading apps from the App Store and Google Play at the request of the Australian Securities & Investments Commission, which expressed concerns about numerous instances of fraud.

Some of the apps "make outrageous claims," according to ASIC market integrity head Greg Yanco, quoted by Bloomberg. Binary trading apps allow users to make "bets" on shares, currencies, and other market factors. Some of these may be legitimate, but others are unlicensed and operating across international borders — making them risky and out of reach of law enforcement.

ASIC noted that 80 percent of the pulled apps had no warnings about the dangers of trading.

An Apple spokeswoman said that the company has in fact updated its developer guidelines, directly banning binary trading apps. The company has removed apps worldwide, ASIC added.

Last week Apple removed virtual private network (VPN) apps from the Chinese App Store, looking to comply with local cybersecurity laws. A similar action is likely to take place in Russia on or sometime before Nov. 1, when even tougher anti-VPN regulations will come into effect.

5 Comments

LoneStar88 325 comments · 9 Years

About 7 years ago

Hmmm. . .another category of worthless apps. . .that and games.

Soli 9981 comments · 9 Years

I wonder if people are going to say Apple is being hypocritical for not telling the Australian gov't to suck it, or does that only apply to the Chinese?

wizard69 13358 comments · 21 Years

Soli said:

I wonder if people are going to say Apple is being hypocritical for not telling the Australian gov't to suck it, or does that only apply to the Chinese?

Ultimately Apple has to follow the law everywhere. This is why we need to resist snooping legislation everywhere. If not backdoors will be required on all hardware. Imagine your watch, car or refrigerator all having remote access for the government. This is where we are heading.

wizard69 said:

Soli said:

I wonder if people are going to say Apple is being hypocritical for not telling the Australian gov't to suck it, or does that only apply to the Chinese?

Ultimately Apple has to follow the law everywhere. This is why we need to resist snooping legislation everywhere. If not backdoors will be required on all hardware. Imagine your watch, car or refrigerator all having remote access for the government. This is where we are heading.

It is, and they're using fear tactics to push their agenda.

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