The Bank for International Settlements (BIS) has issued a report warning that the rapid growth of crypto exchanges and lack of standardized rules leave users at risk. The report stated that these exchanges are increasingly offering bank-like services such as lending and yield products without the protection of traditional financial institutions. The BIS, which is owned by 63 central banks around the world, also noted that the industry's largest participants have evolved into "multifunction cryptoasset intermediaries" and bundling services across banks, brokers, and exchanges. The biggest concern is how fast these "earn" and "yield" products are growing, often marketed to retail users as tools to generate passive income on their crypto assets.