Key points:
- Binance will halt withdrawals and deposits for several tokens associated with Multichain.
- The exchange already temporarily suspended some Multichain assets in May after the network encountered technical issues.
- Most of the platform’s functionality has been restored since the issues in May.
After an upgrade to bridging platform Multichain caused technical issues resulting in a 30% selloff of its native token MULTI in May, Binance has now announced that it is halting both withdrawals and deposits for several tokens associated with the project. The largest crypto exchange in the world has not yet provided an official reason for the action, but it will come into effect this Friday. Some of the tokens which will have support suspended include Polkastarter (POLS) and Alchemy Pay (ACH).
Binance had already temporarily suspended withdrawals and deposits for some assets associated with Multichain in late May, after many of its multichain pathways became non-functional, reportedly due to “technical issues”. It was also later rumored that the platform’s CEO, Zhaojun, (who had control over some of the project’s functionality) had been arrested by Chinese authorities. Despite the halting of withdrawals and deposits, most of the network’s functionality has been restored since the incident.
(About Binance)
Binance is a prominent and highly popular cryptocurrency exchange that provides a platform for individuals and institutions to trade various cryptocurrencies. Founded in 2017 by Changpeng Zhao (better known as “CZ”), Binance quickly gained traction and became the largest and most influential exchange in the cryptocurrency market. Binance has also developed its own native cryptocurrency called Binance Coin (BNB). BNB serves multiple purposes within the Binance ecosystem, including reduced trading fees, participation in token sales on the Binance Launchpad platform, and to power its own blockchain known as BNB Chain.
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