Binance to Delist Eight Multichain Tokens
Binance has announced the discontinuation of support for eight cryptocurrnecies, effective from July 7, 2023.
This decision follows a previous suspension in May, which was prompted by disruptions in the cross-chain routes of the Multichain (MULTI) protocol.
The affected tokens include Polkastarter (POLS), Alchemy Pay (ACH), Beefy.Finance (BIFI), SuperVerse (SUPER), Travala (AVA), Spell Token (SPELL), Alpaca Finance (ALPACA), and Harvest Finance (FARM).
To recap the events leading up to this decision, Binance suspended support for these tokens earlier in May due to issues with the Multichain protocol’s cross-chain functionality. Consequently, token deposits to the Multichain bridge networks were temporarily halted, causing difficulties for users trying to conduct transactions across various swap pairs such as POLS-BSC, ACH-BSC, and BIFI-FTM.
During this period, the Multichain team assured users that pending transactions would be processed automatically once the service was restored. However, concerns grew when the management team failed to address the issue promptly, leading to speculation about the project’s status and potential unforeseen circumstances, such as reports of arrests in China.
READ MORE: DBS Bank Introduces Innovative e-CNY Merchant Service
On May 31, Multichain raised further concerns by stating that they were unable to contact their CEO and gain the necessary server access for maintenance. This communication gap and the ongoing issues faced by the chain led to criticism from users who labeled it as a ‘joke’.
The value of the Multichain protocol’s native token, MULTI, suffered a significant decline during this period. Network delays and rumors of arrests contributed to the loss of support from major players in the cryptocurrency industry, including Binance.
While the situation continues to unfold, industry participants remain cautious about the future of the Multichain protocol.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
