Is there a difference when it comes to Bitcoin that makes it unique? In your example the majority of gold exchanges are regulated, arent they (if not, lets use

Is there a difference when it comes to Bitcoin that makes it unique? In your example the majority of gold exchanges are regulated, arent they (if not, lets use a stock exchange as an example instead)? In that situation the bad actor is unregulated, and the others are all regulated. With Bitcoin the opposite is true - only one exchange is regulated. Does this matter?