BIS WARNS CRYPTO EXCHANGES HAVE BECOME "SHADOW BANKS" AS YIELD PRODUCTS FUNCTION LIKE UNSECURED LOANSThe Bank for International Settlements (@BIS_org) published a 38-page report today warning that major crypto exchanges now function as lightly regulated shadow banks."What looks like a high-yield savings product is, in reality, an unsecured loan to a lightly regulated shadow bank," the report said.Customer assets are rehypothecated into margin lending, proprietary trading, and market making. Users become uns ...