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.
I've had issues myself with the pegged accounts idea if you check my early posts in this thread, however for other reasons. I believe your objections were related to the hedging part of their strategy and the proprietary trading.
You and me both can speculate about the regulatory talks they're having there.
About building products, they do have the POS network given to several merchants. I believe it was stated people can already buy Bitcoin using that or via another network partner.
At this point all Bitcoin businesses await for regulator clarity. Even this Mpex dude is getting letters from US gov to disclose stuff about his business. Mpex was only able to get away from this regulatory hassle because of his location and the fact that his operation doesn't have behind a registered company.
What is important to mention, however, is that Tuur Demeester was there in Cyprus and had direct talks with Neo. He felt confident enough to go ahead and purchase shares and this happened less than two weeks ago. Food for thought.
Are you BtcWhale? Your nick would fit the profile. I know you're long Neo if that's the case, but I guess you won't mind getting some cheap shares.