Binance no longer support multichain-bridged token deposits and withdrawals


July 5, 2023


Olumide Adesina

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Binance disclosed that it will no longer provide deposit and withdrawal services for various multi-chain bridge coins. Affected tokens include Travala (AVA), Spell Token (SPELL), Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), SuperVerse (SUPER), Alpaca Finance (ALPACA), Harvest Finance ( FARM).

This information follows the suspension of deposits for a number of Multichain-bridged tokens on May 25, 2023, after several days of blocked transactions that raised doubts about the Multichain system.

Concerns arose as multichain management failed to address the issue. This has led to speculation about the status of the project and the possibility of force majeure. Unforeseen events beyond the control of the administrator are considered force majeure.

Users who use bridged tokens on networks like the BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchains may be affected by this decision to discontinue support.

The world's largest crypto exchange by trading volume acknowledged the inconvenience and underlined that the Multichain protocol's continued difficulties are a primary cause of the support ceasing in the blog statement.

Deposits and withdrawals on Binance have been suspended, but wallets containing those assets remain accessible to other networks. Amid the turmoil surrounding the multichain, certain bridges are reportedly inaccessible, while the alleged disappearance of the protocol's co-founder and CEO Zhao Jun has sparked a police investigation.