Yahoo’s YJFX, GMO Click confirm their iOS binary options apps no longer available
More online trading companies admit that their binary options mobile apps cannot be downloaded from Apple’s App Store, after its policy changed.
Shortly after Japanese retail Forex broker Hirose Tusyo Inc (TYO:7185), or Hirose FX, informed its clients that its LION BO mobile application is no longer available to download from Apple’s App Store, other Japanese companies have also made similar announcements, confirming that they have been affected by the change to the App Store policy.
GMO Click Securities, a subsidiary of GMO Click Holdings Inc (TYO:7177), and YJFX, a subsidiary of Yahoo Japan Corporation (TYO:4689), have announced that their binary options trading applications cannot be downloaded from Apple’s App Store. Both companies explained that this is due to the change in the policy of the store.
A couple of months ago, Apple updated the OS developer guidelines, saying that “Apps that facilitate binary options trading are not permitted on the App Store”.
Whereas traders may continue to use the apps they have already downloaded, they cannot re-download them, if they delete the solution from their phones. Moreover, the apps may start to function incorrectly as Apple is about to start shipping its iPhone 8 and is about to release the latest iOS version.
The brokers offer their clients to use web browser-based trading applications instead.
One of the regulators that has been active in pushing for binary options apps removal from the app stores run by Apple and Google is the Australian Securities & Investments Commission (ASIC). Early in August this year, ASIC said it had contacted Apple and Google following its review of app stores offering binary options apps.
The review indicated 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.
In addition, many of the mobile app descriptions contained misleading statements about the profitability of trading. Most of these apps did not outline the risks of trading binary options, with 80% offering no risk warning at all.