Binance Temporarily Suspends Certain Multichain-Bridged Tokens Transfers

Binance, a global leader in the cryptocurrency exchange space, has announced a temporary halt of deposit and withdrawal services for a collection of Multichain-bridged tokens. The hold is effective from July 7th and will continue indefinitely.

According to an official statement on Binance's blog, the company will halt transfers for eight tokens, including Alchemy Pay (ACH), Harvest Finance (FARM), Polkastarter (POLS), and SuperVerse (SUPER) via the BNB Smart Chain; Alpaca Finance (ALPACA), and Beefy Finance (BIFI) on the Fantom network; Spell Token (SPELL) via the Avalanche C-Chain; and Travala.com (AVA) on Ethereum.

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Therefore, the halt will impact customers that conduct transactions with bridged tokens on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche.

It is worth noting that a few weeks ago, Binance suspended deposits involving a variety of Multichain-bridged tokens.

In its blog post, the company highlighted that the pause on deposit and withdrawal services is a risk management strategy to secure users' funds. However, in the announcement, Binance noted:

Users will still be able to deposit or withdraw the above tokens via other networks supported by Binance.

The Multichain landscape has been somewhat chaotic recently, with some bridges reportedly being inaccessible. Reports of the protocol’s co-founder and CEO, Zhao Jun, disappearing and potential police investigations have also surfaced.

BitDegree data indicates that the current market price of Multichain (MULTI) is $3.16, marking a decline of 5.31%.

The suspension of certain Multichain-bridged token transactions by Binance marks a significant development in the crypto world. While the move is rooted in the platform's commitment to user safety and risk mitigation, it also underscores the ongoing challenges and uncertainties surrounding the Multichain protocol.

As the situation unfolds, it further highlights the volatility and unpredictability inherent in the rapidly evolving cryptocurrency market.

Gile K., Market Sentiment Analyst

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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