Binance has announced the suspension of deposits and withdrawals for several tokens tied to the Multichain project.
The suspension will take effect on July 7 and will remain in place until further notice. This decision affects a range of tokens minted on Multichain across different networks, including BNB Smart Chain, Fantom, and Ethereum.
Tokens such as Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), Harvest Finance (FARM), Alpaca Finance (ALPACA), and Travala (AVA) will be impacted by this suspension.
Binance has not provided specific reasons for the suspension but mentioned that it is a follow-up action taken after the complications encountered with Multichain on May 24.
During the previous incident in May, Binance temporarily suspended support for deposits of certain tokens transferred via Multichain due to complications with the Multichain protocol.
However, Binance has assured users that they can continue to deposit and withdraw the affected tokens through other supported networks, as long as they are not related to the Multichain project.
The Multichain bridge, which facilitates cross-chain transactions, currently manages over $1.3 billion in assets across various chains, including Ethereum, BNB Smart Chain, and Fantom.
Despite the temporary suspension, Multichain’s bridge routes have since returned to normal functioning, following technical issues and rumors surrounding the project’s CEO.