Binance Suspends Deposits and Withdrawals for 8 Multichain-Bridged Tokens

7:59 am
July 6, 2023
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Binance, the popular cryptocurrency exchange, has announced that it will temporarily halt support for deposits and withdrawals of 8 Multichain-bridged tokens. The suspension is effective immediately and will last until further notice, according to Binance’s announcement. The decision comes as a result of ongoing issues with the Multichain (MULTI) protocol, which caused previous suspensions of the affected tokens. Binance is taking this action to protect user funds and ensure the stability of its platform.

Market Reactions to Multichain Problem

When the issues with the Multichain protocol first arose, Binance was not the only cryptocurrency firm to be affected. Other companies in the industry, such as Lookonchain and Fantom Foundation, also experienced outflows and liquidity withdrawals. This caused concern among investors, leading to a significant drop in the price of the affected tokens. Rumors of the Multichain team’s arrest in Shanghai further exacerbated the situation.

Despite the suspension of deposits and withdrawals for these tokens, Binance reassures users that they are still available on other networks supported by the exchange. The affected tokens include Harvest Finance (FARM), Travala (AVA), Alchemy Pay (ACH), Polkastarter (POLS), SuperVerse (SUPER), Alpaca Finance (ALPACA), Beefy.Finance (BIFI), and Spell Token (SPELL).

Binance’s Regulatory Challenges

This latest suspension by Binance is seen as a precautionary measure to protect its reputation and avoid regulatory scrutiny. The exchange has faced regulatory challenges in various jurisdictions, including the European Union and Australia. Binance recently suspended access to certain privacy coins in specific European countries to comply with EU regulations. Additionally, the Australian Securities and Investments Commission (ASIC) has been investigating the exchange over account closures, leading to Binance voluntarily surrendering its derivatives license in Australia. The ASIC also conducted a raid on Binance’s office in Australia in relation to these investigations.

Summary

Binance has temporarily halted deposits and withdrawals for 8 Multichain-bridged tokens due to ongoing issues with the Multichain protocol. The affected tokens will remain available on other networks supported by Binance. The suspension is a precautionary measure to protect user funds and avoid regulatory attention. Binance has been facing regulatory challenges in the European Union and Australia in recent months.

FAQs

What is the reason for Binance’s suspension of deposits and withdrawals for Multichain-bridged tokens?

The suspension is due to ongoing issues with the Multichain (MULTI) protocol, which caused previous disruptions and stalled transactions.

Which tokens are affected by the suspension?

The affected tokens are Harvest Finance (FARM) via BSC, Travala (AVA) via ETH, Alchemy Pay (ACH) via BSC, Polkastarter (POLS) via BSC, SuperVerse (SUPER) via BSC, Alpaca Finance (ALPACA) via Fantom, Beefy.Finance (BIFI) via Fantom, and Spell Token (SPELL) via Avalanche C-Chain.

Will the affected tokens still be available on other networks supported by Binance?

Yes, Binance reassures users that the affected tokens can still be accessed on other networks supported by the exchange.

What are the regulatory challenges faced by Binance?

Binance has been dealing with regulatory challenges in various jurisdictions, including the European Union and Australia. The exchange has suspended certain privacy coins in specific European countries to comply with EU regulations, and it has also faced investigations by the Australian Securities and Investments Commission (ASIC) over account closures.


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