Binance stops deposit and withdrawal for certain Multichain-bridged tokens.
Cryptocurrency exchange Binance has announced that it will no longer support the deposit and withdrawal of certain Multichain-bridged tokens starting from July 7, 2023, until further notice.
In a blog post, Binance stated that the affected tokens include Polkastarter (POLS), Alchemy Pay (ACH), SuperVerse (SUPER), and Harvest Finance (FARM) on the BNB Smart Chain; Beefy Finance (BIFI) and Alpaca Finance (ALPACA) on the Fantom network; Travala.com (AVA) on Ethereum; and Spell Token (SPELL) on the Avalanche C-Chain.
This decision follows the suspension of deposits for various Multichain-bridged tokens on May 25, 2023, due to stalled transactions that created uncertainty surrounding the Multichain protocol.
Users utilizing bridged tokens on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche will be impacted by this decision.
- Turkey’s inflation rebounds despite the Turkish Lira’s decline.
- Binance suspends transfers for Multichain-bridged tokens.
- Crypto trading volumes increase for the first time in three months due to optimism surrounding ETFs.
#Binance will suspend deposits and withdrawals for a number of Multichain-bridged tokens from July 7, 00:00 UTC until further notice. More details here https://t.co/CL7V8UeT9l
— Binance (@binance) July 5, 2023
Binance acknowledged the inconvenience caused by this decision and explained that the suspension of support is a result of ongoing challenges with the Multichain protocol.
A Binance representative stated that the temporary suspension of deposit and withdrawal services for the listed tokens is a risk management measure aimed at protecting users’ funds. Trading of these tokens on Binance will not be affected, and users can still withdraw them through alternative networks without any impact on their balances.
Amidst the issues surrounding Multichain, certain bridges are reportedly inaccessible, and there are allegations of the protocol’s co-founder and CEO, Zhao Jun, going missing, as well as speculation of a potential police investigation.
Related: Binance Australia offices reportedly searched by local regulator
Cointelegraph has reached out to Binance for further information on their decision but has not received a response as of the time of publication.
Magazine: Binance warns on Maverick FOMO