Binance ceases support for deposits and withdrawals of suspended Multichain-bridged tokens
Binance cryptocurrency exchange has announced it is ceasing its support of deposit and withdrawal services for a range of Multichain-bridged tokens, effective from July 7, 2023.
Binance has officially stated in its blog that the tokens impacted by the decision are Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network and Harvest Finance (FARM) via BNB Smart Chain.
This news comes after deposits for various Multichain-bridged tokens were earlier suspended on May 25, 2023, following days of stalled transactions that sparked uncertainty surrounding the Multichain protocol.
This decision to now cease support has implications for users who utilize bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche blockchains.
#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
In the blog announcement, Binance recognized the inconvenience caused and highlighted that the cease in support is a direct consequence of the ongoing challenges faced by the Multichain protocol.
While deposits and withdrawals are halted on Binance, the wallets holding these assets on other networks remain accessible. Amidst the turbulence around Multichain, certain bridges have been reported as inaccessible, while there are allegations of the protocol's co-founder and CEO, Zhao Jun, going missing and speculation of a potential police investigation.
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