Binance Halts Transfers of Multichain-bridged Tokens


Binance announced on Wednesday that it will suspend deposits and withdrawals for several tokens linked to cross-chain router protocol Multichain. This suspension will take effect on July 7 starting at 00:00 UTC and will last “until further notice.”

The affected tokens are Polkastarter (POLS), Alchemy Pay (ACH), Alpaca Finance (ALPACA), Travala (AVA), SuperVerse (SUPER), Harvest Finance (FARM), Beefy.Finance (BIFI), and Spell Token (SPELL) and are minted on BNB Smart Chain, Fantom, Ethereum and Avalanche C-Chain.

The price of Multichain was down nearly 6% in the past 24 hours and traded near $3.14 at the time of writing.

The exchange highlights that the move is related to the earlier suspension of several Multichain bridge tokens taken in May after an incident involving Multichain-bridged tokens.

Although the Binance did not provide specific details on why it is ceasing support for the above bridge tokens, it reiterated that users can still access these transfers via other Binance-supported network.

This suspension of Multichain-bridged tokens will likely cause some disruption in the crypto market, leading investors and traders to be more cautious when dealing with such tokens.

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