In a free market, Zhoutong is not the king of Bitcoin, but he IS the king of Bitcoinica.
He can ban, or allow, anyone to use the site for whatever reason he pleases.
Just as the rest of us can decide to use, or not use, Bitcoinica for whatever reason we please.
This is the only moral and fair system of property rights.
Indeed! I can't believe all those people who were crying about mybitcoin.com when Tom Williams, the Grand Nagus of mybitcoin.com, wasn't obligated to give anyone anything. He could have banned you all from his site for whatever reason he pleases. What, your BTC is still there but you can't log in? Not his problem, he got his! No one forced people to use mybitcoin.com anyway, and it turns out his site shut down anyway. The free market works!
This is the only moral and fair system of property rights.
Do you really fail to see the difference between A) setting rules on one's own site and B) stealing peoples' money?
Theft is never permissible and is the opposite of a free market.