The regulations are not enforced. If you find an exchange, you could choose whether you want to do the KYC or not as. In other words, It’s the user’s fault and there is no one else to blame.
An alternative you might ask? Face-to-face trading, decentralized exchanges, online forums such as Bitcointalk etc. so people do have a choice, they just don’t wanst to make an effort.
It’s definitely a risk factor though, with more people doing this and keeping their funds in exchanges like Coinbase, they’ll soon start to consider it as a bank to keep their money safe and that defeats the whole purpose of bitcoin and crypt
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