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BIS Names Crypto Exchanges as Shadow Banks, and the Stablecoin Bridge to TradFi
CryptoApr 25, 2026

BIS Names Crypto Exchanges as Shadow Banks, and the Stablecoin Bridge to TradFi

The Bank for International Settlements has formally classed Binance, Coinbase, Bybit and peers as multifunction cryptoasset intermediaries that bundle bank-like services without bank-like safeguards, citing the October 2025 flash crash that triggered $19 billion of forced liquidations as evidence the system is already systemic.