Ap­ple, Google Drop Trad­ing Apps Af­ter Aus­tralian In­ter­ven­tion

The Economic Times - - Around The World -

S yd ney: Ap­ple I nc a nd Google have re­moved over 300 so-called binary trad­ing ap­pli­ca­tions from their on­line stores af­ter in­ter­ven­tion by the Aus­tralian Se­cu­ri­ties & In­vest­ments Com­mis­sion, ac­cord­ing to an ASIC state­ment on Tues­day.

The coun­try’s se­cu­ri­ties reg­u­la­tor said it made the re­quest to Ap­ple and Google a f ter nu­mer­ous cases of fraud in­volv­ing un­li­censed op­er­a­tors of the apps, which en­cour­age con­sumers to make bets on whether in­stru­ments like shares or cur­ren­cies will rise or fall. While some are le­git­i­mate op­er­a­tions, there has been an ex­plo­sion in un­li­censed prod­ucts op­er­at­ing across bor­ders and be­yond the reach of reg­u­la­tors in re­cent years. Some of the apps “make out­ra­geous claims” said Greg Yanco, head of mar­ket in­tegrity at ASIC. “There is an is­sue glob­ally with these prod­ucts.”

An Aus­tralia-based spokes­woman for Ap­ple pointed to its re­cently up­dated de­vel­oper guide­lines, which ex­plic­itly pro­hibit all new apps that fa­cil­i­tate binary op­tions trad­ing, but de­clined to com­ment fur­ther on its dis­cus­sions with the Aus­tralian au­thor­i­ties. “We re­move ap­pli­ca­tions that vi­o­late our poli­cies. We don’t com­ment on in­di­vid­ual ap­pli­ca­tions,” said an Aus­tralia-based spokesman for Google. ASIC cited cases where con­sumers are un­able to with­draw cash from their ac­counts or make win­ning trades 9 times out of 10 in the demon­stra­tion app, be­fore los­ing ev­ery­thing once they switch to the live prod­uct. It said Ap­ple has re­moved the apps from their on­line stores glob­ally, though it didn’t spec­ify if Google’s re­moval ap­plies to just Aus­tralia or to its app stores around the world.

Of the 330 apps that have now been re­moved, 80% had no warn­ings about the risks in­her­ent in trad­ing, ASIC said.

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