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.
I had my doubts about that too, but it could work (at least for a while) if it was funded by Bitcoin enthusiasts who are willing to HODL anyway. As an experiment, I think it would be legitimate, and listing on a Bitcoin exchange could be the perfect way to find funding for it.