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BIS Warns: Crypto Exchanges Are Evolving into “Shadow Banks,” Users Face Risks Without Protections

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ME News, April 23 (UTC+8), the Bank for International Settlements (BIS) released a report stating that crypto exchanges are gradually providing 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 noted that such high-yield products are essentially closer to "unsecured loans," where user assets are often used by platforms for high-risk operations such as lending, trading, or market making, while users only hold a claim against the platform. If the platform encounters problems, users are directly exposed to repayment risk. BIS also stated that leading crypto platforms have evolved from simple exchanges into "multi-functional intermediaries," integrating the functions of banks, brokerages, and exchanges, but with insufficient transparency and risk isolation mechanisms. The collapse of Celsius Network and FTX previously are typical cases of such structural risks. Additionally, the report mentioned that the flash crash in the crypto market in October 2025 triggered approximately $19 billion in forced liquidations, highlighting the risk of chain reactions under high leverage and opaque structures. (Source: ChainCatcher)
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