Binance Suspends Support for Multichain-Bridged Tokens

Binance has announced that it will discontinue deposit and withdrawal support for various Multichain-bridged tokens as of July 7, 2023, until further notice.

Binance announced on its blog that the affected tokens are Polkastarter (POLS), Alchemy Pay, SuperVerse (SUPER), and Harvest Finance (FARM) on the BNB Smart Chain; Beefy Finance (BIFI) and Alpaca Finance (ALPACA) on the Fantom network; Travala.com (AVA) on Ethereum; and Spell Token (SPELL) on the Avalanche C-Chain.

This news follows the suspension of deposits for various Multichain-bridged tokens on May 25, 2023, due to days of stalled transactions that sparked uncertainty regarding the Multichain protocol.

This decision affects users who utilize bridged tokens on networks, including BNB Smart Chain, Fantom, Ethereum, and Avalanche.

In the announcement, Binance acknowledged the inconvenience and emphasized that the suspension of support directly results from the protocol’s ongoing difficulties.

A Binance representative explained that temporarily suspending deposit and withdrawal services for the listed tokens is a risk management measure to protect user funds.

The tokens will continue to be tradable on Binance, and users can withdraw them via alternative networks without impacting their balances.

Certain bridges are reportedly inaccessible amidst Multichain’s turmoil, with allegations that the protocol’s co-founder and CEO, Zhao Jun, has vanished and rumors of a possible police investigation.