Japan’s Hirose FX confirms its binary options app taken down from Apple’s App Store

Maria Nikolova

Hirose FX has confirmed that its clients may no longer download the LION BO mobile app from Apple’s App Store.

Several months have passed since Apple Inc. (NASDAQ:AAPL) introduced changes to its iOS developer guidelines, saying that “Apps that facilitate binary options trading are not permitted on the App Store”. Ever since, most companies offering such apps on the App Store have been reluctant to provide any information on whether their apps were affected by the new policy. As a general rule, users have to check themselves whether a given application is available.

For Japanese retail Forex broker Hirose Tusyo Inc (TYO:7185), or Hirose FX, a check for the mobile binary options trading application LION BO results in a warning message “This item is not currently available in the Japanese/US/Mexican (etc) store”.

Today, in a brief announcement to its clients, Hirose FX confirmed that the LION BO application for iOS devices can no longer be downloaded from the iTunes Store, due to changes in the store policy. A trader that deletes the app and tries to re-download it will not be able to do so, the broker warns.

Traders, using smartphones other than iPhone, are offered to use an alternative – LION BO Plus +.

Apple and Google have made moves to take down binary options apps in response to a request by the Australian Securities & Investments Commission (ASIC). Early in August this year, ASIC said it had contacted Apple and Google in connection to its review of app stores offering binary options apps.

The review highlighted more than 330 apps which were offered to Australians by entities and individuals that appeared to be unlicensed. Some 63% were offered by binary option issuers and facilitated trading, 25% were from various signal providers and the rest were controlled by introducing brokers or were apps designed to influence people to trade binary options.

Moreover, many of the mobile app descriptions contained apparently misleading statements about the profitability of trading. In addition, the bulk of these apps did not outline the risks of trading binary options, with 80% offering no risk warning at all.

ASIC said it was encouraged with the speed Apple and Google removed the relevant apps identified by ASIC from their respective app stores.

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

<