According to the announcement, starting July 7, Binance will no longer be able to use the affected multi-chain connected tokens on its platform.

Binance has announced that it will stop supporting withdrawals and deposits for eight multi-chain bridge tokens starting Friday.cryptocurrency exchange Said The suspension will continue until further notice.

The recent suspension follows a previous suspension of the affected tokens due to issues with the multi-chain (MULTI) protocol. Binance had suspended these tokens on May 25th due to suspension of transactions via its multi-chain protocol. Many transactions stalled, leaving users wondering without a word from the protocol.

Affected tokens are Harvest Finance (FARM) via BSC, Travala (AVA) via ETH, Alchemy Pay (ACH) via BSC, and Polkastarter (POLS) via BSC. Others include SuperVerse (SUPER) via BSC, Alpaca Finance (ALPACA) via Fantom, Beefy.Finance (BIFI) via Fantom, and Spell Token (SPELL) via Avalanche C-Chain.

and Tweet On May 24, Multichain announced, “Some cross-chain routes cannot be used due to force majeure, and it is unknown when the service will resume.” Multichain also said in a tweet that it will automatically credit pending transactions and compensate all affected users.

Market reaction to the multi-chain issue

at that time, report Binance is not the only cryptocurrency company to react to multichain, he said. Blockchain analytics service Lookonchain has reported a $3 million outflow on MULTI. In addition, $2.4 million (449,740) of SushiSwap liquidity was removed by Fantom Foundation wallet addresses.

Intelligence firm Arkham Intelligence also confirmed in an article. Tweet The wallet reportedly moved approximately $3 million worth of MULTI tokens to cryptocurrency exchange The move spooked investors, and MULTI’s price dropped 26.5% in 24 hours. The Arkham Intelligence tweet also referenced rumors that Shanghai authorities had arrested the multichain team.

Binance’s announcement states that all mentioned tokens will continue to be available via other networks supported by the exchange. MULTI is trading at $3.13 after falling 6.1% in 24 hours and 7.4% over the past week, according to CoinGecko data. MULTI has a 24-hour high of $3.34 and a 7-day high of $3.53.

Binance Multi-Chain Suspension Likely to Protect Funds and Avoid Regulatory Attention

Binance, the world’s largest cryptocurrency exchange by trading volume, is facing a number of regulatory stresses and is likely acting cautiously with multichains to avoid further problems. Binance announced in May that it was suspending access to some privacy coins in certain European countries to comply with EU regulations. Binance has announced that it will no longer be available in Spain, Poland, Italy and France, naming XVG, DASH, NAV, MOB, etc. However, the exchange chose not to delist these tokens by reclassifying the Privacy Coin valuation.

Away from the EU, Binance is still in trouble in Australia. The Australian Securities and Investments Commission (ASIC) launched an investigation into the exchange in February over the unlawful closure of some accounts. In April, the exchange asked ASIC Australia to revoke the derivatives license granted through its local subsidiary. The cancellation will force Binance to close all existing derivatives positions by April 21. Bloomberg reports that as of yesterday, ASIC raided Binance’s offices in Australia.


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Tol Ajiboe

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to explain the cryptocurrency story down to the basics so that anyone, anywhere can understand it without a lot of background knowledge. When not digging into cryptocurrencies, Tolu enjoys music, loves to sing, and is an avid movie buff.

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