Binance Suspends Multichain Tokens Deposits and Withdrawals

Token services are affected as Binance temporarily ceases support via designated networks.

Last updated: July 5, 2023 11:41 AM

Published July 5, 2023 11:41 AM

Last updated: July 5, 2023 11:41 AM

Published July 5, 2023 11:41 AM

Cryptocurrency exchange giant, Binance, has recently announced that it will be suspending support for deposits and withdrawals of several Multichain-bridged tokens via specific networks from July 7, 2023, until further notice.

The move comes after the suspension of deposits for multiple Multichain-bridged tokens back on May 24, 2023, following issues with the Multichain (MULTI) protocol.

#Binance will suspend deposits and withdrawals for a number of Multichain-bridged tokens from July 7, 00:00 UTC until further notice.

More details here 👇https://t.co/CL7V8UeT9l
— Binance (@binance) July 5, 2023

The affected tokens and corresponding networks include Polkastarter (POLS) and Alchemy Pay (ACH) via BNB Smart Chain; Beefy.Finance (BIFI) and Alpaca Finance (ALPACA) via Fantom Network; SuperVerse (SUPER) and Harvest Finance (FARM) via BNB Smart Chain; Travala (AVA) via Ethereum Network; and Spell Token (SPELL) via Avalanche C-Chain.

While the suspension is in effect, Binance users will be unable to make deposits or withdrawals for these specific tokens via the stated networks. Binance has not yet provided a timeline for the resolution of these suspensions but has promised to keep its users updated with developments.

The announcement underscores the importance of careful navigation and adherence to network protocols in the digital currency market, as unforeseen situations with protocols like the Multichain can lead to extensive interruptions to normal services.

Binance users are encouraged to stay updated on the latest developments concerning these suspensions via the company’s official channels.

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