Why Did Binance Abruptly Suspend Deposits for 10 Tokens?
Recently, users noticed Binance suspended deposits for several tokens, leading to widespread concern. The question on everyone's mind is: why did Binance abruptly suspend deposits for 10 tokens?
The reason behind this suspension is directly linked to ongoing issues with the Multichain bridge project. Binance, a centralized cryptocurrency exchange, has temporarily suspended deposits for 10 tokens due to ongoing issues with the Multichain bridge project. This decision was made to protect users and their assets given the instability of the Multichain protocol.
Binance will be ceasing support for deposits and withdrawals of the following Multichain-bridged tokens via the networks stipulated below from (UTC) until further notice. This means that deposits and withdrawals are frozen until the underlying problems with the bridge are resolved or a more stable solution is implemented.
In a recent announcement on Twitter, leading cryptocurrency exchange Binance revealed that it will temporarily suspend deposits for ten bridge token networks. The tokens affected are specific Multichain-bridged assets.
Which Tokens Were Affected by the Binance Suspension?
While the list can change, some of the token pairs that have been specifically mentioned in relation to the deposit suspension include:
- POLS-BSC
- ACH-BSC
- BIFI-FTM
- SUPER-BSC
- AVA-ETH
- SPELL-AVAXC
- ALPACA-FTM
- FTM
It's crucial to check the official Binance announcements for the most up-to-date list of affected tokens and networks.
What Does This Mean for Binance Users?
If you hold any of the affected tokens on the specified networks, you will not be able to deposit them into your Binance account at this time. While withdrawals may be similarly impacted, it's best to check Binance's official communication for the current status. Binance, el mayor intercambio de criptomonedas centralizado, ha suspendido temporalmente los depósitos de diez criptomonedas debido a los problemas en curso con el protocolo de puente.
It's important to note that this suspension is likely a temporary measure to safeguard user funds during a period of uncertainty. Binance often takes proactive steps to mitigate risks associated with vulnerabilities in external protocols.
Today, Binance suspended deposits for the following token pairs: POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM This clarifies which tokens were impacted, making it easier for users to identify if they are affected.
Ethereum Network Upgrade - A Separate Issue
It's important not to confuse this suspension with scheduled network upgrades. FTM Binance will suspend the deposits and withdrawals of token (s) networks starting May 7th to support the Ethereum network upgrade and hard fork. The suspension will This is unrelated to the Multichain issues and represents a planned maintenance activity.
Staying Informed
To stay informed about the status of deposits and withdrawals, monitor official Binance announcements, social media channels, and the Binance support page. Binance will provide updates as the situation with the Multichain bridge evolves and when deposits and withdrawals are reinstated.