BREAKING! Binance Announces Suspension of Deposits & Withdrawals of Multichain-Bridged Tokens

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BREAKING! Binance Announces Suspension of Deposits & Withdrawals of Multichain-Bridged Tokens

Binance, earlier today announced the suspension of deposit and withdrawal services for some multichain-bridged tokens. The world’s largest cryptocurrency exchange by trade volume has said that it will not support deposit and withdrawal transactions for multichain-bridged tokens.

According to the announcement which was posted on its official blog, the new development will take effect from 2023-07-07 00:00 (UTC) until further notice. In a previous update, Binance had temporarily suspended the deposit of the listed bridged token’s network while leaving the deposit option on other networks still available. However, today it announced a suspension of transactions related to the multichain-bridged tokens till further notice.

The suspension comes following the recent issues with the Multichain (MULTI) protocol.

List of multichain-bridged tokens suspended by Binance

In its announcement, Binance listed a total of 8 multichain-bridged tokens to be suspended. These tokens include:

  • Polkastarter (POLS) via BNB Smart Chain

  • Alchemy Pay (ACH) via BNB Smart Chain

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  • 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

  • Harvest Finance (FARM) via BNB Smart Chain

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Furthermore, Binance acknowledges the inconvenience caused and apologizes for the situation stressing that the suspension is a result of the recent situation with the Multichain (MULTI) protocol.

Recently, Multichain has experienced problematic situations surrounding it. There have been reports that the protocol’s co-founder Zhao Jun has been a person of interest in a police investigation and has been AWOL, making his team unable to contact him. Also, the termination of Multichain cross-chain bridge services had a major impact on Fantom.

In a subsequent update, it was reported that some cross-chain bridges of the Multichain protocol came back online after some transactions were confirmed by blockchain experts.

However, there have been no further updates since then. Consequently, Binance suspends support for these multichain-bridged tokens pending clarification from the team behind it.

Multichain (MULTI) price today

According to a live update from CoinMarketCap, the price of MULTI tokens today is $3.20. The price is down 4.16% in the last 24 hours. What’s more, MULTI is ranked #379 on the CoinMarketCap chart with a live market cap of $46,534,492 ($46 million).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.