I wouldn't go with "centuries" of banking on that one. Truth to tell the early days of banking, which is most of the 19th century for the US, were replete with exactly the kinds of frauds and cons that crypto is now replete with. Which is what has led to the regulation and supervision that crypto is in de facto rebellion against.

Of course, the best way to find out why something is not done a certain way, is to try doing it that way.