Brokerage firm YaMarkets appears to have shut down, with the company’s website entirely offline and showing 404 messages.
The company has also deleted its Instagram page and hasn’t posted on other active social media channels since March.
A technology provider to the broker says the company has not replied to any of their messages for two months.
In addition, the technology provider said that some senior executives at the firm appear to have changed their phone numbers and deleted accounts on messaging applications.
It is unclear what has happened at the firm. However, review sites and social media profiles suggest traders having difficulties withdrawing funds from the broker.
At the start of this year, the broker’s Co-Founder Lalit Matta said that the firm was looking for investors as part of a new “growth phase” at the company.
Around the same time, the company announced the launch of a new industry initiative aimed at preventing abusive traders from carrying out malicious activities at brokerage firms.
Those announcements came on the back of a tough couple of months in the industry, with gold trading hitting some firms hard.
YaMarkets was added to the UAE regulator’s warning list in March.
