Ex-trader asked some valid questions previously in this thread and all Danny did was talk around in circles and not give an answer. That was some months ago.
Glad you spotted that!
My issues were raised well in advance of all this, many months ago and basically proved that their business model about pegged accounts doesn't work. I know this based on 20+ years of working within banks and financial products and having created products that in total have taken many tens of billions of GBP. Of course that experience is not valuable or relevant in the Bitcoin world to people who simply wish to believe every new business with a good story. Notable NEO talked about involving proper accountants who were 'reviewing all this' again to what end - nothing, no proof of any approvals or anyone with credibility saying this works is a good idea etc.
If they had simply setup a bitcoin exchange and payments company in Cyprus I would have stayed quiet, as this could have been a valid plan and works elsewhere. However instead they talked vaguely about pegged accounts, time accounts, bank branches, insurance sales etc. All of this has amounted to zero so far. I suspect they have been told by the authorities that they cannot operate these types of accounts.
What they have done which is inexcusably naive is to try to build a new business and spent lots of money on branches, staff and PR, when they simply have not been able to design, construct or issue a single product.