The problem with .ly domain names has nothing to do with the domain name registrar. It has to do with the government that controls the .ly extension. If the country that controls the .ly suffix behaves irresponsibly, it doesn't matter what registar you use. It can still be taken away from you on the whim of that government.
We've found Libyan Spider very good, never had any problems with them.
There are 5 authoritative nameservers for the .ly domain. Two of them are operated by Libya Telecom and Technology and are physically location in the country. The other three are location in Amsterdam, the University of Oregon and in New York. If a Libyan Internet black-out occurs, as it did, .ly domains continued to resolve from the remaining 3 masters.