Yet another firm might have bowed out of the Russian market without making any official pronouncement. For the past two days at least, the Lionstone website (lionstone.ru) has been completely inoperative, only displaying a message that the server is down for maintenance.
At the same time, Russian language forex forums have seen a considerable increase in the number of client complaints. It appears that clients cannot reach the brokerage support service via email, chat or phone as well as demo trade, nor withdraw their funds. Some commenters have reported that they requested a withdrawal months ago but have yet to receive any reply.
Presenting itself as a “British broker operating in Russia and the CIS since 2009,” Lionstone Investment Services was withdrawn in February of this year from The Financial Commission – the independent resolution organization which resolves disputes between traders and brokers.
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Past prominent figures such as Alexander Beliakov, the ex-President of Lionstone Investment Services, as well as other former employees of the firm, Mikhail Chistyakov and Grigory Belyakov, transferred to the binary options technology firm Binaryware quite a while ago.
Binaryware was a spin-off of Lionstone, based on its Binarystation platform, presented in January 2014. The two firms are no longer related and there have been no reported complaints regarding the performance of Binarystation.
Finance Magnates has tried to reach the current management of Lionstone Investment Services but has not been successful so far (our emails bounced). If and when the company replies or there are any further developments we will update our readers.