**[BIS Warning: Crypto Exchanges Are Evolving into "Shadow Banks," Users Face Unprotected Risks]** Odaily Planet Daily News – The Bank for International Settlements (BIS) has released a report highlighting that crypto exchanges are gradually offering bank-like services, such as lending and yield products (Earn), but lack the regulatory oversight and deposit protection found in traditional financial systems, posing systemic risks. The report states that these high-yield products are essentially closer to "unsecured loans," with user assets often utilized by platforms for lending, trading, or market-making—high-risk operations. Users only hold creditor rights against the platform, and if the platform encounters issues, they are directly exposed to repayment risks. BIS further noted that leading crypto platforms have evolved from single-function exchanges into "multi-functional intermediaries," integrating the roles of banks, brokers, and exchanges, but with insufficient transparency and risk segregation mechanisms. The collapses of Celsius Network and FTX are typical examples of such structural risks. Additionally, the report mentioned the October 2025 crypto market flash crash, which triggered approximately $19 billion in forced liquidations, underscoring the risks of high leverage and chain reactions under opaque structures. (CoinDesk)