Binance halts deposit and withdrawal support for some Multichain-bridged tokens

The decision impacts users utilizing bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche.

Cryptocurrency exchange Binance has announced it is ending deposit and withdrawal support for a range of Multichain-bridged tokens, effective from July 7, 2023, until further notice.

Binance officially stated in its blog that the tokens impacted by the decision are Polkastarter (POLS), Alchemy Pay (ACH), SuperVerse (SUPER) and Harvest Finance (FARM) via the BNB Smart Chain; Beefy Finance (BIFI) and Alpaca Finance (ALPACA) via the Fantom network; Travala.com (AVA) via Ethereum; and Spell Token (SPELL) via the Avalanche C-Chain.

This news comes after deposits for various Multichain-bridged tokens were previously suspended on May 25, 2023, following days of stalled transactions that sparked uncertainty surrounding the Multichain protocol.

This decision to cease support impacts users utilizing bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche.

#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

In the announcement, Binance recognized the inconvenience caused and highlighted that the halting of support is a direct consequence of the ongoing challenges faced by the Multichain protocol.

A representative from Binance stated that the temporary suspension of deposit and withdrawal services for the listed tokens is a risk management measure aimed at safeguarding users’ funds. Trading of the tokens on Binance will not be affected, and users can still withdraw them through alternative networks, with user balances remaining unaffected.

Amid the turbulence around Multichain, certain bridges are reportedly inaccessible, with allegations of the protocol’s co-founder and CEO, Zhao Jun, going missing, as well as speculation of a potential police investigation.

Cointelegraph has reached out to Binance for more information on its decision but did not receive a response by publication.

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