Users can still trade the tokens on Binance and withdraw them using alternative networks. Although the team has assured customers that funds remain secure, the uncertainty around the matter is worrying users whose funds are stuck in the protocol.Īccording to a Binance spokesperson, the temporary suspension of these services on the Binance platform is only a temporary risk management measure. However, Binance is taking no chances when it comes to safeguarding user funds. It enables the seamless transfer of assets between different blockchain networks and currently oversees over $1.3 billion in assets, with $698 million minted on Ethereum, $339 million minted on BNB Smart Chain, and $92 million on Fantom. Multichain is a cross-chain interoperability protocol. Some of the tokens affected by this decision are Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), Harvest Finance (FARM), tokens minted through the bridge on Fantom, like Beefy.Finance (BIFI) and Alpaca Finance (ALPACA), and a token minted on Ethereum’s bridge, Travala (AVA). Users can still trade and engage in transactions with the wide range of tokens available on the exchange. It is important to note that the suspension only applies to specific tokens bridged to Multichain and does not affect the trading of other cryptocurrencies on Binance. From July 7 onwards, customers on networks like BNB Smart Chain, Fantom, Ethereum, and Avalanche will be unable to deposit or withdraw bridged tokens until further notice. In a recent development, Binance, one of the world's largest cryptocurrency exchanges, has announced that it is ending support for withdrawal and deposit for several Multichain-bridged tokens. Binance no longer supports deposits and withdrawals for several cross-chain bridge tokens linked with the Multichain project.
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