Just because an exchange is regulated doesn't mean it won't crash. And conversely, an exchange being unregulated is not a guarantee that it will crash.
Exactly, regulation has less to do with success and failure and more to do with political outlook:
The central principles of capitalism in its purest form are
1) free exchange of goods in an unregulated market;
2) limited taxes to pay for limited government, and
3) private ownership of property.
The central principles of socialism are
1) government control or regulation of the market;
2) high taxes to pay for expanded government services; and
3) government ownership of major industries (particularly large industries that are prone to monopoly control).
The central principles of Georgism are
1) free exchange of goods in markets, with limited regulation of commerce;
2) no taxes on labor; high taxes on certain kinds of property;
3) private ownership of property, but fully offset by taxes that virtually eliminate unearned wealth.
source:
http://povertythinkagain.com/controversies/a-word-from-the-sponsor-of-the-film-the-end-of-poverty-georgism-capitalism-and-socialism/