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Binance takes precautionary measures, halts withdrawals, and deposits for Multichain tokens

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TL;DR Breakdown

  • Binance temporarily suspends withdrawals and deposits for Multichain-bridged assets.
  • Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI) and SuperVerse (SUPER) are among the affected tokens.
  • Ethereum’s Travala (AVA) and Spell Token (SPELL) transactions were impacted.

Description

Binance, the leading cryptocurrency exchange, recently temporarily stopped processing withdrawals and deposits for several Multichain-bridged assets. In a Twitter post, the platform stated that these restrictions would take effect from the 7th of this month and remain in place for the foreseeable future. This move comes in response to issues encountered with the Multichain (MULTI) … Read more

Binance, the leading cryptocurrency exchange, recently temporarily stopped processing withdrawals and deposits for several Multichain-bridged assets. In a Twitter post, the platform stated that these restrictions would take effect from the 7th of this month and remain in place for the foreseeable future. This move comes in response to issues encountered with the Multichain (MULTI) protocol, prompting Binance to take precautionary measures.

Tokens tied to Polkastarter (POLS) on the BNB Smart Chain are affected, rendering them temporarily unavailable for trading on the platform. Additionally, deposits and withdrawals using Alchemy Pay (ACH) on the BNB Smart Chain will be temporarily suspended. The Beefy.Finance (BIFI) token and the Fantom Network are also impacted, with users unable to perform any BNB Smart Chain transactions. Furthermore, SuperVerse (SUPER) users will face limitations on BNB Smart Chain deposits and withdrawals.

Moreover, the Ethereum Network transactions involving the Travala (AVA) cryptocurrency are currently unavailable. Similarly, the Spell Token (SPELL) is impacted when entering or exiting the platform via the Avalanche C-Chain. Furthermore, Binance has temporarily ceased support for deposit and withdrawal services of the Alpaca Finance (ALPACA) token on the Fantom Network. The Harvest Finance (FARM) token can not access these services on the BNB Smart Chain.

In a blog post on May 24, Binance highlighted the similarities between this temporary ban and a previous restriction imposed by the platform. Given the recent issues encountered with the Multichain protocol, Binance has prioritized user safety and security by implementing these precautionary measures. While the exchange has not provided a specific timeline for lifting the ban, it remains committed to resolving the underlying concerns and restoring full functionality for the affected assets.

Overall, Binance’s decision to temporarily halt withdrawals and deposits for Multichain-bridged assets aims to safeguard user interests and maintain the platform’s integrity. Binance proactively addresses the challenges these specific tokens and networks face by taking prompt action. Users can expect Binance to continue monitoring and resolving the issues at hand to ensure a seamless trading experience on the exchange.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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