Binance ends deposits and withdrawals for 8 Multichain-bridged tokens

Binance announced its plans to suspend deposit and withdrawal services for eight Multichain-bridged tokens starting July 7.
Dot
July 5, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: Binance (YouTube)

Crypto exchange Binance announced its plans to suspend deposit and withdrawal services for eight Multichain-bridged tokens starting July 7.

Earlier in May, many users of the cross-chain protocol Multichain (MULTI) reported long delays in their transactions. Soon, rumors of Multichain CEO Zhao Jun going missing and potential police investigations flooded Twitter. This prompted Binance to suspend deposit facilities for ten Multichain-bridged tokens.

On May 31, the Multichain team confirmed that they were unable to contact Zhao. The team reasoned that they could not fix the server issues without receiving authorization from the protocol’s CEO. The announcement caused the value of MULTI to plummet by 60% within a few days.

In the latest blog post, Binance revealed that the suspension will apply to eight tokens. These include Polkastarter (POLS), Alchemy Pay (ACH), Superverse (SUPER) via BNB Smart Chain, and Beefy Finance (BIFI) via the Fantom network (FTM), among others.



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Binance assured the community that users will be able to deposit and withdraw the affected tokens via other networks supported by the exchange. A spokesperson for Binance claimed that the suspension of services is a precautionary measure meant to protect client assets.

Many of the flagged tokens, including Alchemy Pay, Polkastarter, and Beefy Finance experienced a fall in their prices shortly after Binance made the announcement.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Binance ends deposits and withdrawals for 8 Multichain-bridged tokens

HomeCrypto exchanges
Contents
Changpeng Zhao; Photo Source: Binance (YouTube)

Crypto exchange Binance announced its plans to suspend deposit and withdrawal services for eight Multichain-bridged tokens starting July 7.

Earlier in May, many users of the cross-chain protocol Multichain (MULTI) reported long delays in their transactions. Soon, rumors of Multichain CEO Zhao Jun going missing and potential police investigations flooded Twitter. This prompted Binance to suspend deposit facilities for ten Multichain-bridged tokens.

On May 31, the Multichain team confirmed that they were unable to contact Zhao. The team reasoned that they could not fix the server issues without receiving authorization from the protocol’s CEO. The announcement caused the value of MULTI to plummet by 60% within a few days.

In the latest blog post, Binance revealed that the suspension will apply to eight tokens. These include Polkastarter (POLS), Alchemy Pay (ACH), Superverse (SUPER) via BNB Smart Chain, and Beefy Finance (BIFI) via the Fantom network (FTM), among others.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Binance assured the community that users will be able to deposit and withdraw the affected tokens via other networks supported by the exchange. A spokesperson for Binance claimed that the suspension of services is a precautionary measure meant to protect client assets.

Many of the flagged tokens, including Alchemy Pay, Polkastarter, and Beefy Finance experienced a fall in their prices shortly after Binance made the announcement.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Crypto exchange Binance announced its plans to suspend deposit and withdrawal services for eight Multichain-bridged tokens starting July 7.

Earlier in May, many users of the cross-chain protocol Multichain (MULTI) reported long delays in their transactions. Soon, rumors of Multichain CEO Zhao Jun going missing and potential police investigations flooded Twitter. This prompted Binance to suspend deposit facilities for ten Multichain-bridged tokens.

On May 31, the Multichain team confirmed that they were unable to contact Zhao. The team reasoned that they could not fix the server issues without receiving authorization from the protocol’s CEO. The announcement caused the value of MULTI to plummet by 60% within a few days.

In the latest blog post, Binance revealed that the suspension will apply to eight tokens. These include Polkastarter (POLS), Alchemy Pay (ACH), Superverse (SUPER) via BNB Smart Chain, and Beefy Finance (BIFI) via the Fantom network (FTM), among others.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Binance assured the community that users will be able to deposit and withdraw the affected tokens via other networks supported by the exchange. A spokesperson for Binance claimed that the suspension of services is a precautionary measure meant to protect client assets.

Many of the flagged tokens, including Alchemy Pay, Polkastarter, and Beefy Finance experienced a fall in their prices shortly after Binance made the announcement.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande