- Changes will take effect July 7
- Sanctioned 8 tokens
Cryptocurrency exchange Binance announced it is suspending deposits and withdrawals for select Multichain-bridged tokens across certain networks. Coins along with their respective networks that are affected:
- Polkastarter (POLS) in BNB Smart Chain;
- Alchemy Pay (ACH) in BNB Smart Chain;
- Beefy.Finance (BIFI) in Fantom Network;
- SuperVerse (SUPER) in BNB Smart Chain;
- Travala (AVA) in Ethereum;
- Spell Token (SPELL) in Avalanche C-Chain;
- Alpaca Finance (ALPACA) in Fantom Network;
- Harvest Finance (FARM) in BNB Smart Chain.
It is known that the exchange will halt operations as of July 7, and until further notice. Binance did not disclose the specific reason for the suspension of transfers related to the Multichain Bridge. The company only noted that this is a continuation of previous actions taken against Multichain on May 24. At the time, the exchange temporarily suspended deposit support for some tokens that went through Multichain, citing problems with the protocol.
Binance also says its customers can continue to use tokens through other networks that the exchange supports. This means that these assets can continue to function smoothly, regardless of the Multichain project.
Currently, the Multichain network holds more than $1.3 billion in assets derived from its interchain platform. Of that, $698 million comes from Ethereum, $339 million from BNB Smart Chain and $92 million from Fantom.