PANews April 23 news, the Bank for International Settlements (BIS) released a research report stating that cryptocurrency exchanges are providing bank-like lending services through "wealth management" and "yield" products, but lack deposit insurance and regulatory protection, essentially forming "shadow banking." The report points out that these products concentrate user assets into high-risk activities, with users only holding unsecured claims on their assets, directly exposing them to the risk of the platform's solvency. The report also mentions the cases of Celsius Network and FTX collapsing, as well as the flash crash event in October 2025, emphasizing that high leverage, opacity, and lack of protective mechanisms could trigger systemic risks.

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