Binance Suspends Deposits and Withdrawals for Multichain-Bridged Tokens

Binance Suspends Support for Multichain-bridged Tokens

Binance cryptocurrency exchange has announced that it will no longer provide deposit and withdrawal services for a range of Multichain-bridged tokens, effective from July 7, 2023.

In its blog, Binance specified that the tokens affected 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 move follows the suspension of deposits for various Multichain-bridged tokens on May 25, 2023, after days of stalled transactions that created doubts about the Multichain protocol.

The decision to cease support has implications for users who utilize bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche crypto markets.

Binance Halts Support for Multichain Crypto

In a blog announcement, Binance revealed that it has ceased support for the Multichain protocol due to the challenges it is facing. Deposits and withdrawals have been halted on the crypto exchange, while the wallets holding the assets on other networks remain accessible.

Amidst the turbulence surrounding 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. The market price of Multichain (MULTI) currently stands at $3.22, reflecting a 3.95% decrease.

Based on estimates, Multichain would need to experience a 24-fold increase in value to reach $100. Assuming a consistent annual growth rate of 25%, it would take approximately 8.5 years for the avalanche crypto to reach the $100 mark.

Cointelegraph has reached out to Binance for more information on this fantom crypto development but hasn’t yet received a response at the time of publication.