Crypto Exchange Events Highlight Different Risks

Three events on September 22 looked alarming for crypto investors at first glance.

USDe's price on Binance briefly dropped to $0.9202, a decline of almost 8% from its reference price. However, the market quickly rebounded to near-parity within minutes.

A closer look at other exchanges revealed that Bitget's USDe market only dipped by around 0.3%, while Binance's price drop was more than 26 times larger.

This suggests that the extreme discount on Binance was a localized liquidity event, rather than evidence of a broader depegging issue for USDe.

Meanwhile, Upbit suspended deposits and placed Sophon (SOPH) under trading caution due to concerns over disclosure and circulation changes.

Binance also announced that it would close seven USDC-denominated spot pairs on September 25, citing low liquidity and trading volume as the reasons for this decision.