You can’t regulate away exchanges for the same reason you can’t regulate away black markets.
If you wanna buy say transitioning medicine in russia, you wanna use Monero for anonymity, and you exchange it through a “p2p exchange”. Which are what formed after many countries banned Monero entirely. “p2p exchange” is just a protocol where you can “trade” with random joe schmo, but insured. So you end up just wiring some random regular person money and they give you Monero. Or on the inverse you get wired money and give someone your Monero.

I.e. you exchange Monero with random people without any exchange. Good look regulating that.