As such he would at least honor the bid for 350BTC which was the highest one inside his own deadline. With him apparently having enough reels keeping his word would have cost him 20BTC, he could still sell the other one for 370.

He was too greedy to do that.

Also keeping a well visible legal notice on a web shop doing business for hundreds of thousands of dollars is not a "nice to have" feature. You are required by law to do so, so your customers know who they are dealing with.
Founding a limited liability company costs 300 Euro in Finland, that should be manageable. What if you send Punin you BTC and next day he has a car accident?
Companies not registered or not paying tax or other shady businesses will fuck up sooner or later, giving your customer a little transparency is not too much to ask.

you know the saying that "the greed is good", right ?

punin offered the top 5 bidder 370BTC per reel.

im willing to buy 1200 chips to whoever win the auction.

Are there any chips still available? We are ready to buy 3000 pcs.