Apple, Inc. (NASDAQ: AAPL) & Alphabet Inc. (NASDAQ: GOOGL) was requested by the Australian Securities & Investments Commission to remove over 300 binary trading applications from their online stores due to the many cases of fraud involving unlicensed operators of the apps. This encouraged consumers to make bets on whether shares or currencies will rise or fall. Some apps are legitimate operations but it was revealed in recent years that there are unlicensed products operating across borders and beyond the reach of regulators.
The Commission cited cases where consumers are unable to withdraw cash from their accounts or make winning trades in the application before losing everything once they switch to the live product. 80% of the 330 apps removed had no warnings about the risks in trading.
Many reminders are told to consumers that binary option providers are in control of the pricing for their product and to not fall for flashy advertising or hard selling. Consumers need to make sure that any financial service provider is licensed and authorized to provide those services.