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