Why do you need a traditional bank and why do they need to convert to fiat always? They can have the funds on several exchanges across several accounts and use those accounts to pay people in fiat or btc or eth. Dont understand why it is necessary to convert all and then to deposit in a bank.
There is not much transparency on how ICO proceeds are used, and that's a problem in itself. An ICO that raises USD 10 million and more is not uncommon. Now even if just a fraction is converted to fiat, that's still a significant amount. Would you be comfortable holding a few million USD on exchanges?