Binance stops supporting deposits and withdrawals of suspended multichain-bridged tokens

Cryptocurrency exchange Binance has announced that it will end support for deposit and withdrawal services for a number of multi-chain bridged tokens effective July 7, 2023.

Binance has officially established in his blog, he states 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 news comes after deposits have been made on various tokens with multi-chain bridging previously suspended on May 25, 2023, the following days of suspended transactions that created uncertainty around the Multichain protocol.

This decision to end support now has implications for users using bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum and Avalanche blockchains.

In a blog post, Binance acknowledged the inconvenience caused and emphasized that the end of support is a direct result ongoing challenges facing the Multichain protocol.

While deposits and withdrawals are halted on Binance, wallets holding these assets on other networks remain accessible. Amidst the turbulence surrounding Multichain, some bridges have been reported as inaccessible, while the protocol’s co-founder and CEO Zhao Jun claims that disappearance and speculation about a possible police investigation.

According to Coinmarketcap, the current market price of Multichain is (MULTI). it costs to $3.22, a decrease of 3.95%. Based on estimates, Multichain would have to experience a 24x increase in value to reach $100. Assuming a constant annual growth rate of 25%, it would take about 8.5 years for Multichain to reach the $100 mark.

Related: Binance Australia’s offices have reportedly been searched by a local regulator

Cointelegraph asked Binance for more information on this development, but had not yet received a response at the time of publication.

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