Binance, a leading cryptocurrency exchange, has announced that it will no longer support the deposit and withdrawal services for several Multichain-bridged tokens starting from July 7, 2023. The tokens affected by this decision include Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy.Finance (BIFI) via Fantom Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network, and Harvest Finance (FARM) via BNB Smart Chain.
This move comes after previous suspensions of deposits for Multichain-bridged tokens in late May 2023, which led to uncertainty surrounding the Multichain protocol due to stalled transactions. Binance acknowledged the inconvenience caused and attributed the decision to ongoing challenges faced by the Multichain protocol.
While deposits and withdrawals are temporarily halted on Binance, users can still access their assets held in wallets on other networks. However, there have been reports of certain bridges becoming inaccessible during this period. Additionally, rumors of the protocol’s co-founder and CEO, Zhao Jun, going missing and speculation about a potential police investigation have added to the turbulence surrounding Multichain.
The market price of Multichain (MULTI) currently stands at $3.22, reflecting a 3.95% decrease according to Coinmarketcap. To reach a value of $100, Multichain would need to experience a 24-fold increase. Assuming a consistent annual growth rate of 25%, it would take approximately 8.5 years for Multichain to reach this milestone.
Cointelegraph has reached out to Binance for further details on this development but has not received a response at the time of publication.
Overall Impact on Users
This announcement by Binance regarding the suspension of support for Multichain-bridged tokens has significant implications for users who rely on these tokens across various networks including BNB Smart Chain, Fantom, Ethereum, and Avalanche blockchains.