Binance ceases support for deposits and withdrawals of suspended Multichain-bridged tokens

Binance has ceased support for deposit and withdrawal services for Multichain-bridged tokens, affecting various networks. The decision is attributed to ongoing challenges with the Multichain protocol.
Amaka Nwaokocha
Posted by Amaka Nwaokocha July 5, 2023 2 Mins Read
Binance has ceased support for deposit and withdrawal services for Multichain-bridged tokens, affecting various networks. The decision is attributed to ongoing challenges with the Multichain protocol.

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.

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.

According to Coinmarketcap, 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 Multichain to reach the $100 mark.

Related: Binance Australia offices reportedly searched by local regulator

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

Magazine: Binance warns on Maverick FOMO

Tags: