Apple and Google have removed hundreds of trading Apps from there store after a recent investigation by The Independent revealed that these apps can result in binary options scams. A further investigation revealed that majority of these apps were being offered by entities and individuals who did not have and formal license to run these trading apps. The decision to remove these apps both Apple and Google was followed subsequent intervention by the Australian Securities and Investments Commission (ASIC).
ASIC said that it was particularly concerned because many of the mobile app descriptions contained statements that “appeared to be misleading about the profitability of trading and the amount of profit that could be made”. These apps were misleading users about the risks and potential profits. Many people have fallen victim to these apps which persuaded users to invest in these platforms.
Source: The Independent