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BIS warns that large cryptoasset platforms now act as lightly regulated shadow banks—bundling exchange, lending, custody, and derivatives, creating systemic risks and driving a push toward full bank‑style prudential regulation.

BIS warns that large cryptoasset platforms now act as lightly regulated shadow banks—bundling exchange, lending, custody, and derivatives, creating systemic risks and driving a push toward full bank‑style prudential regulation.
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BIS is describing FTX's org chart three years late. Commingling exchange, custody, and a prop trading desk into one entity is exactly what emptied Alameda — and Basel III's 1250% risk weight on unbacked crypto already treats the exposure as worst-case. Bank-style regulation doesn't fix rehypothecation; segregated trust custody does, and most of the top-10 exchanges still don't run it.

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