Google and Apple removed over 300 financial-trading apps from their app-stores after the Australian Securities and Investments Commission notified them about the “high-risk” nature of certain applications, Bloomberg reported on Wednesday. ASIC discovered that unlicensed individuals were operating the apps, which focused on binary trading, according to a report published in Fortune.
“In binary trading, people predict whether the price of a given option will go up or down in a short amount of time, and then buy or sell based on their predictions,” the report said.
The ASIC said the owners of these apps did not disclose the risk involved in the trading practice to its users.
“Instead they made it appear that people could get rich quickly by using their apps,” the ASIC said.