Apple Removed Some Risky Trading Apps From App Store in Accordance With New Guidelines

Apple and Google have recently removed over 300 binary options trading apps from the App Store and Google Play store respectively, according to the Australian Securities and Investments Commission.


A spokesperson for Apple said it removed the apps globally in accordance with its recently updated App Store Review Guidelines:
Apps that facilitate binary options trading are not permitted on the App Store. Consider a web app instead.
MacRumors easily discovered at least five apps that still appear to facilitate binary options trading on the App Store. Apple's guidelines clearly state that binary options trading apps are no longer permitted on the App Store, so it's unclear why some remain available to download, and whether they'll soon be removed.

The trading apps encouraged users to make bets on whether instruments like shares or currencies will rise or fall, according to Bloomberg. However, many of them were unlicensed and failed to outline the risks of trading binary options, and some merely collected personal information, according to ASIC.

Many of the trading apps subject to surveillance by ASIC contained statements which appeared to be misleading about the profitability of trading and the amount of profit that could be made, the regulator said. One of the apps, for example, advertised that users could profit in as quickly as 60 seconds.

"In an age where technology can hide who is offering and controlling a product, buyer beware has never been so important," said ASIC commissioner Cathie Armour. "If something appears too good to be true, it probably is."


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Apple Officially Allows Users to Tip Content Creators With In-App Purchases

Apple updated its App Store Review Guidelines this week to indicate that developers may now sell virtual currencies in the form of in-app purchases to enable customers to "tip" content creators within apps.


Like all other in-app purchases, Apple will now receive a 30 percent cut from the virtual currencies used for tipping.

Tipping within apps is popular in China, where live-streaming apps like Yinke and Yizhibo have long allowed viewers to tip or give virtual gifts to the stars they watch as a token of gratitude, according to TechCrunch.

Last month, however, Apple reportedly told WeChat and several other Chinese social networking apps to disable their "tip" functions to comply with App Store rules, as many of the virtual currencies sidestepped Apple's 30 percent cut on purchases.

Now that Apple has formally outlined its stance on the matter, developers who previously feared repercussions from the company may be more inclined to begin offering virtual currencies for users to tip content creators with.

Beyond Apple's 30 percent cut, it's up to developers to determine how much of the tips are relayed to the content creators themselves.


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