Google Bans Apps Trading Binary Options via Google Play

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Google Bans Apps Trading Binary Options via Google Play

By Adam Teen | Tuesday, May 8th, 2020

Google has announced on their website that as of April of 2020 apps allowing users to trade binary options will be banned on Google Play.

The screenshot below shows the new Google rule as defined on their website.

screenshot from Google

The ban comes at a time were other regions and regulators are also beginning to limit access to binary options trading for retail investors (general public). The ban is only relevant to apps which allow users to trade binary options online.

This ban should not affect any other apps in Google Play store which provide general information about binary options and derivative products. However, time will tell whether this ban won’t have any wider implications and include other apps as well.

According to Google the ban is set in place to protect their users from being scammed by ‘deceptive or harmful financial instruments’, as the call it.

Screenshot from Google

One of the biggest issues in binary options industry is the lack of education of the retail investor.

In simple terms, people are often swayed by cleverly engineered advertising to start trading on impulse. Google Apps made things easier for impulsive traders. Apps offered a very convenient and direct way to buy or sell short-term options.

This is a welcome development from Google as it will undoubtedly save a lot of people from losing their money through sometimes very dodgy binary options apps.

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Google Play to Ban Binary Options

Google Play to Ban Binary Options

Google Play set to ban binary options

Google Play recently came out with new updates and policies for April 2020 spanning over a number of topics including hate speech, child endangerment, user produced content, fantasy sports apps, and app metadata. Additionally, included in the April memo was a short note concerning “a new policy on Binary Options”, in which Google play states the following:

“We do not allow apps that provide users with the ability to trade binary options.”

Last summer, after coming under intensive scrutiny from financial ombudsman across the globe, including ASIC of Australia and Canada’s several regional regulators, Google acted against a number of financial-related apps providing either unlicensed services, or apps that were known to promote dishonest behavior. Most of that “action” included removing numerous Binary Options trading apps linked to unlicensed and unregulated “offshore” firms. However, there was never a blanket ban against those types of apps. Regulated brokers providing Binary Options trading could remain on Google Play until now.

Apple, however, passed a complete ban on Binary Options apps at around the same time in its App Store. Last month, after increased pressure from various regulators Google AdWords issued a ban on all Binary Options associated ads, as part of a new controlled financial products procedure. Additionally, Google banned all crypto and ICO ads, and in June 2020 it will demand prior advertiser certification for running ads pertaining to other types of financial trading products including Contracts for Difference (CFDs) and spot forex. It comes as no surprise that Google Play is now taking similar action by instituting a blanket ban on Binary apps.

Is the end of binary options?

It’s becoming increasingly apparent that Binary Options trading – even when regulated – will not be able to make a comeback. Leading European regulator ESMA is additionally preparing a Binary Options ban. This comes as it is in the midst of enacting new laws governing leveraged and online trading. The new regulations are scheduled to come into effect across the EU later this year.

The new Google Play binary options policy for April 2020 can be seen here.

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