I don't think it would. If you look at how EU policy is under the US' thumb (various MPAA/RIAA/IFPI subsidiaries, ACTA, asymmetrical banking privacy, French 3 strikes, covert CIA prisons, EC vs. Parliament, people like Gates and Zuckerberg dictating at G8 etc.), there is very little chance bank accounts in the developed world would remain useful.

That means even if an exchange evades shutdown by being located in say Venezuela, the links to any major fiat currency will be cut. Paypal is out the window, Dwolla and similar will be leaned on to stop passing through etc.

Also, a lot of traffic goes through US controlled trunks, not to mention BGP black holes. If all else fails, operators can always receive offers they cannot refuse.