On the 24th of May 2013, Major online currency website,Liberty reserve was off the internet,people could not access their accounts,clients waited and hoped,seconds were born,they grew into minutes,developed into hours and matured into days,finally,on Monday 27th,a message was displayed on the website of LR,alas,the domain had been seized by the American global illicit financial team!
The owner of the firm and major staffs were arrested and charged to court for money laundering.
This affected financial transactions with forex brokers who accepted LR as a method of deposit and withdrawal.
However by Tuesday,28th May,several brokers had issued press statement on their websites and blogs to calm down the nerves of the clients and to assure them of the safety of their funds,they went a step further by putting smiles on the faces of their clients by creating for them alternative means of withdrawal! Yes! this was right on tuesday.
Such marvelous brokers includes Agea, Exness, Hotforex, Xemarkets and many others.
Unfortunately, Instaforex broker(
Forex | Online Forex Trading | Currency Trading | Forex Broker) when contacted on monday -thursday morning) never gave any reasonable answer about giving withdrawal options to clients.Below is there answer to such request
==========================================
Hello,
We don't know the exact time but we recommend clients to continue use their trading accounts with InstaForex normally and not to make any hurried conclusions. In any case, despite of what will be output of current situation with Liberty Reserve, it is assured that it will not impact our company's work a lot. We kindly ask you to wait patiently for further updates from Liberty Reserve's side.
Sincerely yours,
International Finance Department
InstaForex Companies Group
Forex | Online Forex Trading | Currency Trading | Forex Broker
Skype: instaforex.finance
YM: ifx.payments
ICQ: 429048404
e-mail:
eng.finance@mail.instaforex.com
=================================
QUESTIONS
1. Instaforex...which type of output on current LR situation where you waiting for?
2. Instaforex, are you expecting the arrested owner to make a statement from custody?
3.Instaforex,Are you expecting the output to come from a domain that had been seized?
4. Instaforex, why are you lying?
--------------------------------------------------------------------------
On thursday they released a press statement at the link below
Cooperation with Liberty Reserve terminated
Here is the message on the link:
======================================
Dear customers,
We have to inform you that cooperation with Liberty Reserve has been terminated as the payment system had shut down.
The case falls under Clause 7.7.1 of the Public Offer Agreement, according to which all the funds deposited through the payment system that later disappears are deducted from the trading account of a customer, as the company is not a guarantor of any payment system, and the money received through the payment system is stored on the company's accounts with the system enabling the company to quickly process your withdrawal requests.
Nevertheless, the company's management has considered that a lot of partners and customers used Liberty Resserve for funding their accounts and made a decision that Clause 7.7.1 of the Public Offer Agreement should be exercised in the following way:
1. Withdrawal of the funds deposited through Liberty Reserve is restricted for 6 months starting from May 30, 2013;
2. Since November 30, 2013 the withdrawals will be available, provided an account was used for trading during these 6 months;
3. Since November 30, 2013 at processing the withdrawal request, InstaForex shall deduct from an account 50% of all the funds deposited through Liberty Reserve. The amount of a requested withdrawal should include this deduction.
We strongly recommend that you use reliable payment methods such as bank wire, international bank cards, local transfers, Skrill, LiqPay, Payza.
=====================================
We want to know and ask instaforex this questions;
1. Why have you decided to withold funds in accounts for 6months without allowing clients withdraw their funds?
2. Why would you decide to STEAL 50% of clients funds?
3. Is clients fund in their trading account or LR account when they were trading?
4. Other brokers have allowed clients withdraw in full via other means, why can't you follow suit?
WORDS OF ADVICE:
Instaforex, clients would not wait for 6months and would not accept you to steal 50% of their deposits, we want our funds in full right away, after all you are charging spreads, swaps, commisions and making profits from such accounts.
RELEASE OUR FUNDS, WE ARE AFTER YOU!