Before "The Pirate Bay" shut down, there was talk of hosting micro servers hosting files inside drones that were built to stay in the air for prolonged periods of time in an effort to escape regulation and government shut downs. I could imagine someone hosting a crypto exchange in a similar manner. Maybe host a crypto exchange on a boat or island in international waters where theoretically there are no governing bodies as no single nation has "jurisdiction" over the territory.
I'm certain there are many loopholes which might be exploited. Given the crackdowns on silk road(Ross Ulbricht aka Dread Pirate Roberts), alpha bay, megaupload(Kim Dot Com), pirate bay, ninja video(if anyone remembers them) and others. Somehow I doubt anyone will go that far.
It would be cool if someone was that crazy though. I wish I had the resources. I probably wouldn't do it but if the right loophole could be found--it is possible to set up a deregulated(decentralized?) crypto exchange, in theory.
Google has floating servers, located in international waters, not really subject to any specific jurisdiction.
Or you could just encrypt all of the internet communication. Tor is slowly getting there, but we'll need faster computers or more efficient encryption in order to make this a reality.