Basically as long as you can somehow get money to western union, you don't need banks at all. Western Union may be seeing it's first proper revival since it's glory days in the 19th century!
Yeah. Losing ~20% in fees is really glorious.
banks are not pulling the rugs from under exchanges.
exchanges dont even bother making rugs.. they just stand on the cold floor.
meaning they dont bother reading the regulations, getting authorised, keeping records or following any of the rules of handling fiat.
its like a majority of these exchanges are run by amateurs that have no previous experience in finance.
+1
Either you're running a "legitimate" business which means endless forms to fill out, approvals to gain, reports to file, fees and taxes to pay, or you're running a dark side operation like SR. There is no point trying to follow a middle path.