<p><pre><code>    &gt; they cannot escape US regulation and legal exposure as
    &gt; long as they want to have the ability to trade US dollars
</code></pre>
You don&#x27;t need to be in the US to trade USD. FX is more lightly regulated than almost all other asset classes. For most of the cold war there was a strong trade in USD based out of London-based banks that had no US presence. <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Eurodollar" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Eurodollar</a>