A large number of illegitimate trading apps on the Apple App Store and Google Play Store have been removed following an investigation from the Australian Securities and Investments Commission (ASIC). That investigation found evidence of fraud with hundreds of apps.
These apps dealt with binary trading, which involves asking people to bet on whether the value of a share will increase or drop over time. Some legitimate apps do exist, yet 330 unlicensed ones were on the stores.
Along with removing those apps, Apple has updated its guidelines to ban binary trading software from the platform.
