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Another site has this:

"A type of option in which the payoff is structured to be either a fixed amount of compensation if the option expires in the money, or nothing at all if the option expires out of the money.

These types of options are different from plain vanilla options

Also sometimes referred to as "all-or-nothing options" or "digital options".

http://www.investopedia.com/terms/b/binary-option.asp
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