Users who use bridged tokens on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche are affected by the ruling.
One of the top cryptocurrency exchanges, Binance, has announced that, starting on July 7th, 2023, it would no longer allow deposit and withdrawal services for a number of Multichain-bridged tokens. Users of these tokens on multiple networks will be affected by this choice in a big way.
The affected tokens include
- 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.
These tokens’ deposit and withdrawal services have been suspended by Binance, who had previously stopped accepting deposits for a number of Multichain-bridged tokens on May 25, 2023. Technical problems and blocked Multichain protocol transactions led to the initial suspension, which left users apprehensive.
Binance regrets any trouble this decision may have caused and blames the Multichain protocol’s continued difficulties for the decision to end support. The exchange makes clear that the precaution is intended to safeguard customer funds and reduce any dangers.
It’s important to note that trading of these tokens on Binance is unaffected by the termination of deposit and withdrawal services. Users’ balances won’t be harmed if they continue to trade these tokens on the platform. To withdraw the tokens, users will need to look into alternate networks.
The decision to halt services for Multichain-bridged tokens emphasizes how unstable and unclear the Multichain system is. A possible police inquiry has been stoked by reports that certain bridges are impassable and by suspicions that Zhao Jun, the protocol’s co-founder and CEO, has vanished.
The choice made by Binance demonstrates how crucial risk management and protecting users’ assets are. The exchange seeks to safeguard its users and work through the difficulties presented by the Multichain protocol by temporarily stopping deposit and withdrawal services for the impacted tokens.
It is still unclear how the Multichain situation will develop and whether future support for these tokens will be restored. Binance invites users to withdraw their holdings using alternate networks and recommends them to be informed of any upcoming statements about the status of Multichain-bridged tokens.