Binance suspends transfers for several Multichain-bridged tokens

Binance suspends transfers for several Multichain-bridged tokens

By Benson Toti - min read
  • Binance will cease deposit and withdrawals support for Multichain-bridged tokens Polkastarter (POLS), Alchemy Pay (ACH), Alpaca Finance (ALPACA) and Travala (AVA.
  • The tokens are minted on BNB Smart Chain, Fantom, Ethereum and Avalanche C-Chain.
  • The exchange says the suspension follows an earlier one taken in May after an incident involving Multichain-bridged tokens.

Binance is suspending deposits and withdrawals for several tokens linked to cross-chain router protocol Multichain, according to an announcement the crypto exchange published on Wednesday.

The crypto behemoth states that the suspension of the Multichain-bridged tokens will take effect on July 7 starting at 00:00 UTC and will last “until further notice.” 

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

Polkastarter (POLS), Alchemy Pay (ACH) among affected tokens

Binance says in the notice to users that the deposits and withdrawals pause will impact different networks, including BNB Smart Chain, Fantom, Ethereum and Avalanche C-Chain. In particular, Multichain-bridged tokens that users can no longer transfer via the above chains are:

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

Although the Binance did not provide specific details on why its ceasing support for the above bridge tokens, it highlights that the move as related to the earlier suspension of several Multichain bridge tokens. 

On May 24, the crypto giant announced a temporary suspension to multiple tokens after an incident involving Multichain bridge transfers.

While deposits and withdrawals for the above tokens are suspended on Binance via the listed chains, users can still access these transfers via other Binance-supported network, the exchange reiterated.