Apple has updated its developer guidelines to explicitly add a binary options exception to the App Store.
Apple has just issued updated guidelines for its App Store for iOS devices. The company made a dramatic change affecting the binary options industry as a whole. According to the updated document, all applications that “facilitate binary options trading are not permitted on the App Store”.
The tech giant is recommending to brokers, affiliates and signal providers to switch to web-based applications instead. Apple’s move attests to the reputation of the industry at a crucial time for brokers that are scrambling to retain clients and attract new ones in an increasingly scrutinized market.
Sources with knowledge of the matter state that usually new updates of apps with binary options won’t be allowed. In the meantime the old apps will remain active for an undisclosed period of time, before Apple removes them from the App Store altogether.
Financial regulatory authorities across the globe have been scrambling to address the problems that many binary options providers have caused for retail clients. Now, aside from regulators, the biggest company in the world by market cap is joining in to curtail marketing practices that have been used by brokers, affiliates, signal providers and other binary options industry participants.
The total ban of the industry from the iOS App Store signifies that the company has been receiving complaints from users of the applications. Attention on the product has increased materially over the past several months, with many brokers leaving the market or dramatically downsizing.
Since regulatory authorities have not been efficient enough in preventing binary options fraud, Apple has taken matters into its own hands and decided that wiping out the product from the App Store wholesale is the correct way to address user complaints.
Apple’s take on binary options is yet another blow to the industry at this crucial time and will cost all brokers that have been investing in developers of mobile applications. The efforts of the teams will now have to be directed towards a web mobile solution that is good enough to allow traders to place orders and monitor their accounts in adherence with all regulatory requirements.
Apple’s decision comes after the company unveiled new hardware and software at its annual developers forum in California. The tech giant has updated its list of tablet computers, presenting a new 10.5 inch size iPad Pro that could be very interesting for professional traders and users of mobile trading platforms.
Sources: Financemagnates, Bloomberg