At present, there are almost no countries that are completely unregulated that allow cryptocurrency exchanges to operate at will. There are greater risks in cryptocurrency trading, including severe price fluctuations, money laundering, illegal fund-raising, and market manipulation. Many countries and regions have adopted strict regulatory measures on them. Some countries are cautious or restrictive about cryptocurrency trading, or even explicitly prohibit it; while some countries, although their attitudes are relatively relaxed, are gradually building regulatory frameworks to regulate related activities to maintain financial stability, protect investors' rights and interests, and prevent potential risks. Trying to find a completely unregulated cryptocurrency exchange is an act that does not comply with the principles of law and financial security, and may bring serious legal consequences and economic losses.