Binance Suspends Multichain Support
Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will no longer support withdrawal and deposit for several Multichain-bridged tokens. This suspension, starting from July 7, applies to networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche. It is important to note that this suspension only affects specific tokens bridged to Multichain and does not impact the trading of other cryptocurrencies on Binance. Users can still trade and engage in transactions with the wide range of tokens available on the exchange. Some of the tokens affected include Polkastarter, Alchemy Pay, Beefy.Finance, Harvest Finance, and tokens minted through the bridge on Fantom and Ethereum.
Binance Assures Funds Safety
While the suspension may cause concern among users, Binance ensures the safety of funds. The exchange has stated that funds remain secure and that the suspension is a temporary risk management measure. Users can continue to trade the tokens on Binance and withdraw them using alternative networks as long as the assets are not tied to the Multichain project. Multichain is a cross-chain interoperability protocol overseeing over $1.3 billion in assets.
The Multichain Complication
The exact reason behind Binance’s decision has not been specified, but it is believed to be a response to difficulties encountered by the Multichain protocol in May. During that time, the project faced transactional issues with processing bridge transfers. The CEO of Multichain, Zhaojun, was unreachable and rumored to be in police custody. As a result, Binance suspended deposits for Multichain-bridged tokens on May 25. The recent suspension is a continuation of the previous actions taken against Multichain.
Your Funds’ Security and Stability
Binance’s decision to suspend transfers of Multichain-bridged tokens is a proactive measure to ensure the security and stability of users’ funds. While it may cause inconvenience in the short term, it is important to stay informed through official channels and await further updates from the exchange. Rest assured that Binance is taking necessary steps to safeguard your funds.
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