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Print with images and other media Print text only Cancel Google will stop carrying advertisements for binary options trading after criticism from Australian authorities.
Binary options banned by Google Play
The tech giant said it would ban the advertisements from June, while also restricting other risky online schemes — including contracts for difference, spot forex and cryptocurrencies — following complaints made by the Australian Competition and Consumer Commission ACCC earlier this month.
Binary options is a highly speculative form of trading, which experts and regulators have likened to gambling.
And many unlicensed operations, often found online, are just out-and-out scams. Australian authorities have seen a nine-fold increase in binary option scams in the last four years, with losses estimated to be in the hundreds of millions of dollars.
Want the full story? Listen to Background Briefing's full investigation: Dirty rotten phone calls: The anatomy of a scam Why stop now?
Sorry, this video has expired Is it investing or gambling? The announcement was made in a blog post from Google's director of sustainable adsScott Spencer, who said the company was cracking down on advertisements in "unregulated or speculative financial products".
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In June last year, Apple updated its developer guidance, banning any apps that facilitated binary options trading. Six months later, Facebook followed suitbanning binary options advertisements outright. It is unclear whether Google will also remove oole binary option options apps from its Google Play store.
A spokeswoman did not respond to questions. ASIC previously asked Google to remove unlicensed binary options apps last year, which it did at the time.
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But as of last week more than apps were connelly options available for download. Google said it took down more than 3.