there are not restrictions on proxies at all. anyone can set up a proxy, even exchanges. However no one may vote using tokens that do not belong to you. The telos system works well, and this entire takeover would not have occurred on Telos. Steem has serious flaws.
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I agree, Steem has serious flaws.
It's the same reasoning why exchanges should forward any airdrops that happen to its users'.
I think this goes beyond exchanges and expands to any custodians. BitGo, Coinbase Custody, BlockFi etc. If they start offering Steem, they shouldn't be able to vote with the stake either.