It has to do with the "rawness" of the industry around Bitcoin. The laws around financial instruments don't magically disappear just because it's technically possible to make transactions without them. They exist for a reason, and if you want to make a business that deals in financial instruments, you have to follow them.
It seems to me the "rawness" has everything to do with bitcoin and its decentralized design.
1- Needed to create an account for "their" exchange.
2- Needed to transfer bitcoin into their exchange.
3- Needed to wait for transaction to get validated in the blockchain
4- Get money.
You could reach and say that all the PII and initial setup was to comply with laws about banking/money laundering. But that took 7 mins of a 45 min process.
> 3- Needed to wait for transaction to get validated in the blockchain
This process is slow and I don't see how it can possibly get faster.
The best I've come up with is you have a second money-apparatus that moves more quickly. It probably wouldn't have a lot of the currency-like properties of bitcoin. I guess the analogy is that sending bitcoin is like writing a cheque, and this faster thing would be like using a credit card.