Well, banking is a regulated industry in almost every jurisdiction in the world (not every last one of them, but nearly every one). The regulations were enacted to regulate and control banks, and those who *appeared* to be banks or who provided similar services in order to limit fraud or incompetence.

Those regulations, of course, apply absolutely to a bank operator, regardless of whether their bank is in a bricks-and-mortar building, online, on a website or wherever.

You can pretend that they don't apply to you. You can claim that they don't apply to you. But that doesn't make it true.

In that almost none (perhaps none of them at all) of the SL banks appear to be in compliance with their local regulations - it makes me wonder why you'd trust your money with someone who isn't obeying the law.