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Your claim was that cryptocurrency exchanges "are completely unregulated" which by own you admission isn't accurate because there are many exchanges that are mandated by regulations to register with FinCEN as a MSB. It's correct that there are many exchanges where the exchange clearing / trading isn't regulated.

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Ok, trading is completely unregulated. When we are talking about exchanges we are generally talking about what they are designed to do (trade) not details about how a small amount get USD onto their platform.

Even so, these so called regulations you point to don't exist on the biggest exchanges like Bitfinex, Binance, or even Poloniex. Poloniex pulled out of states once licenses started being required to deposit USD.

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