Binance takes yet another action against a selection of Multichain-bridged tokens.
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.
