Binary options are only thought to be bad because they traditionally have been run by scammers like bucket shops. The binary part is a distraction - it's just because they were easier to describe to the victims.

As a type of investment though, there's nothing wrong with it - if risk-mitigation is what you need.

If the binary nature was a problem they could easily structure these to be non-binary, such as bet on a game and don't return 1/0 but the actual game score 21/15.