Binance to Suspend Deposits and Withdrawals for Several Multichain-Bridged Tokens
- Scheduled for 7 July, the suspension will impact AVA, SPELL, BIFI, ALPACA, POLS, ACH, SUPER, and FARM on the BNB Smart Chain, Fantom, Avalanche, and Ethereum networks.
- Binance clarified that trading of these tokens will not be impacted, and that users will still be able to deposit and withdraw them through alternative networks that do not involve the Multichain project.
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Crypto exchange Binance will soon suspend its deposits and withdrawals support for several Multichain-bridged tokens “until further notice”, the company said in a blog post on 5 July.
According to the announcement, the exchange will go through with the suspension on 7 July, which will impact tokens minted on Multichain across several networks, such as the Travala.com (AVA) token via Ethereum, the Spell Token (SPELL) via the Avalanche C-Chain, the Beefy.Finance (BIFI) and Alpaca Finance (ALPACA) via Fantom. Most impacted, however, will be tokens deployed on the BNB Smart Chain, including Polkastarter (POLS), Alchemy Pay (ACH), SuperVerse (SUPER), and Harvest Finance (FARM).
Binance assured users that trading of these tokens will remain unaffected on its platform, and that users will still be able to deposit and withdraw them through alternative networks supported by the exchange and not the Multichain project. Binance did not specify the exact reason behind the suspension, but noted that it was connected to a previous action it had taken against Multichain on 25 May.
At the time, Binance temporarily suspended deposit support for several tokens transferred via Multichain, which had experienced troubles with processing bridge transfers for several days. The Multichain team later clarified that while most bridges were working as expected, but several remained non-operational as the team could not contact CEO Zhao Jun — which sparked rumors on Crypto Twitter that Jun was arrested by Chinese police — to obtain the necessary server access for maintenance.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.