No, its why exchanges need to be held to a higher standard, a& be registered, so they are by law bound to 3rd party auditing. This is why I trade sizable qty only on cryptsy.
Yup we are in the wild west stage. Some day I suspect this type of BS operation will cease to exist in any meaningful manner. Mostly the ones who use fiat conversion will need this type of stringent regulation on operation.
Interesting thing to look at in an international court of law. What laws of what countries hold up in this type of situation? Definitely curious how this would play out in the future once cryptos get more popular.