[Bank for International Settlements Warns: Cryptocurrency Exchanges Are Evolving into 'Shadow Banks'] The Bank for International Settlements (BIS) has released a research report stating that cryptocurrency exchanges are offering bank-like lending services through products such as 'wealth management' and 'yield,' but lack deposit insurance and regulatory safeguards, effectively forming 'shadow banks.' The report highlights that these products concentrate user assets into high-risk activities, with users only holding unsecured claims to their assets, directly exposing them to the platform's solvency risks. The report also references the collapses of Celsius Network and FTX, as well as the flash crash incident in October 2025, emphasizing that high leverage, lack of transparency, and absence of protective mechanisms could trigger systemic risks.