More important than "well-regulated" is that a bank account is very clearly tied to a single geographic jurisdiction where the bank's headquarters, as well as all its branches and employees, are located.

Apple would be much harder to regulate, as it wouldn't even be clear what jurisdictions should be involve in the process, and what a "change of jurisdiction" would entail. It would also create the opportunity for fraudsters to choose the jurisdiction which gives them the most consumer protections but has the loosest identity verification requirements.