Key Takeaways:

• The BIS Financial Stability Institute warned in April 2026 that major crypto platforms like Binance and Coinbase now operate more like banks than trading venues.
• Celsius Network collapsed in 2022 after a USD 1.4 billion depositor run exposed maturity mismatches with no deposit insurance backstop.
• Only 11 of 28 jurisdictions reviewed by the FSB in 2025 had a finalized regulatory framework addressing financial stability risks from crypto intermediaries.

Crypto Earn Accounts Exposed as Uninsured Deposits, BIS Research Warns

The report, authored by Denise Garcia Ocampo of the BIS and Peter Goodrich and Gian-Piero Lovicu of the Financial Stability Board, focused on what researchers call multifunction crypto asset…