This decision impacts users who interact with bridged tokens on platforms such as BNB Smart Chain, Fantom, Ethereum, and Avalanche.

Binance, a leading cryptocurrency exchange, has declared a halt on deposit and withdrawal services for a host of Multichain-bridged tokens starting from July 7, 2023, until further notice.

Binance revealed in its blog post that the tokens affected by this decision include Polkastarter (POLS), Alchemy Pay ACH $0.02, SuperVerse (SUPER), and Harvest Finance (FARM) on the BNB Smart Chain; Beefy Finance (BIFI) and Alpaca Finance (ALPACA) on the Fantom network; Travala.com (AVA) on Ethereum; and Spell Token (SPELL) on the Avalanche C-Chain.

This development follows the previous suspension of deposits for various Multichain-bridged tokens on May 25, 2023, after a series of stalled transactions created ambiguity about the Multichain protocol.

This support termination directly impacts users who employ bridged tokens on networks such as BNB Smart Chain, Fantom, Ethereum, and Avalanche.

In the announcement, Binance acknowledged the inconvenience resulting from the halt and noted that this action is a response to the ongoing difficulties experienced by the Multichain protocol.

A Binance spokesperson explained that the interim suspension of deposit and withdrawal facilities for the mentioned tokens is a risk management strategy designed to protect users’ assets. While the trading of these tokens on Binance remains unaffected, users can still withdraw them via other networks, with their balances remaining intact.

With Multichain facing instability, some bridges are reportedly unapproachable, amidst rumors of the protocol’s co-founder and CEO, Zhao Jun, disappearing, and possible police investigation speculations.

Cointelegraph has sought additional details from Binance regarding their decision but has yet to receive a response at the time of publication.