I work in the field, have money invested in the field and have spoken with both the organizations in question (as well as their compliance counsels) as well as their regulators.

In law, new business models often are in violation, compliance wise, until they make the case that they shouldn't be. If the model is successful & profitable, they fight to change the rules and sometimes end up with a complete or partial victory in that campaign - this is largely a political fight at the bar. If not, they vanish and the lack of regulatory oversight is irrelevant.

Can't give you more than that without going out of bounds.

Reviewing Atrium's legal careers section, they clearly understand the need to monitor the regulatory environment with respect to compliance - see their lead counsel post. That said, I'd counsel justin not to reply to my question if I was advising him.