Binance suspends Multichain token transfers

Binance has just announced the suspension of transfers of several tokens linked to the Multichain project. The move comes following technical issues that arose in May, leading to complications in processing transfers through Multichain’s cross-chain bridge.

Suspension of Multichain token transfers by Binance

Binance suspends support for deposits and withdrawals of Multichain tokens from July 7. More explicitly, the suspension concerns various tokens issued on Multichain. This includes :

• Polkastarter (POLS),
• Alchemy Pay (ACH),
• Beefy.Finance (BIFI),
• Harvest Finance (FARM).

All of these tokens can be found on BNB Smart Chain. Travala tokens (AVA) are also impacted.

Despite this suspension, Binance users will be able to deposit and withdraw the aforementioned tokens through other networks supported by the crypto exchange. This means that it is still possible to use these assets, provided they do not involve the Multichain project.

The reason mentioned: Technical problems that occurred in May

On his blog, Binance does not specify the reason for the suspension of assets linked to the Multichain Bridge. Its representative simply indicates that it is a follow-up measure to a previous action taken against Multichain on May 24. At the time, Binance temporarily suspended deposit support for certain tokens transferred via Multichain, citing complications with the protocol.

In May, the Multichain project is struggling to process transfers via its bridge. Result: the exchange ends up with many blocked transactions. Several routes of Multichain’s cross-chain bridge were not operational during the crisis. We cite Kava, zkSync and Polygon zkEVM.

Initially, the Multichain team attributed the issue to technical hiccups. Afterwards, she clarified that while most of the roads on the bridge were working as expected, some were still non-operational. Multichain then spoke of cases of “force majeure”.

While Binance suspended until further notice support for Multichain tokens, users can continue to use other networks supported by the platform. Upstream, the technical problems of Multichain have been resolved. This allows the platform bridge routes to function normally.