With stock exchanges it is not a matter of ethics. They are heavily regulated. When you hold funds in trust, it is all written on paper, what they can do with these funds, and what they can't. No such contract exists between yunbi and their users. Which means that they can do whatever they want with funds kept on their exchange. I don't like what they do, that's why I don't keep my funds there. But complaining about what they do is wrong and pointless.
I said unethical, not illegal. There's a difference. Everything you wrote is true, but none of it excuses their behavior. I was likening their role to that of a stock exchange in terms of their ethical obligations to their fellow human beings and the communities with whom they interact. The fact that stock exchanges are regulated has no bearing at all on my example. But perhaps one could find a better analogy than I used.
The whole point of this technology is to replace centralized regulation with consensus driven code. If yunbi truly is a major problem (and I'm not convinced that it is), then the rules of the system need to change.
I agree the rules probably could change and that this may not pose a major problem for BitShares anyway. I'm simply disappointed they went for the lowest common denominator, making the kind of dumb business decision a 12-year-old kid would make.
As to your point about technology replacing regulation, fine, but it doesn't apply here. I'm not imposing regulation on anyone. I'm simply expecting better things from my fellow human beings. Even if you live in some libertarian utopia where there's no regulation and no enforcement, then if someone robs you blind while you're carrying your bag of gold to the supermarket (or someone hacks and drains your account), then there's some expectation of human behavior there that's been broken. If you don't want to use the system, then you don't have to put them in jail or shoot them dead or sue them, but wouldn't you at least put out the word that they're not trustworthy and use any existing reputation system to explain to others what they have done with your trust?
I would suggest that we have duties to respect our fellow human beings and that these expectations transcend any written law. If you don't believe this, then we're no better than animals. The same is true for good practices in business. If you shit on your customers, employees, other stakeholders, or those in your community, then you've sacrificed your good will. When you lose your reputation in business, there isn't much left.