Binance, the world’s largest cryptocurrency exchange, has announced that it will stop supporting deposits and withdrawals for a range of multi-currency tokens as of July 7, 2023.
On May 25th, Binance suspended at first Deposit of 10 multichain tokens due to delay of days in transaction time on Multichain protocol.
After a few days, the disaster worsened when Multichain announce She was unable to contact her CEO, Zhaojun.
As a result of the inaccessibility of its CEO, the team behind Multichain said that they could not obtain the server keys needed to maintain some nodes, which affected the cross-chain operations of various networks, including ONUS, Omax, Findora, etc.
Binance stops supporting tokens with multiple bridges on certain chains
in its latest versions Today’s updateOn July 5, Binance stated that its trading platform will no longer support certain tokens, including 8 multi-pegged cryptocurrencies.
These included Polkastarter (POLS) via BNB Smart Chain, Alchemy Pay (ACH) via BNB Smart Chain, Beefy Finance (BIFI) via Fantome Network, SuperVerse (SUPER) via BNB Smart Chain, Travala (AVA) via the Ethereum Network, Spell Token (SPELL) via Avalanche C-Chain, Alpaca Finance (ALPACA) via Fantom Network, and Harvest Finance (FARM) via BNB Smart Chain.
At this time, Binance has not provided a specific reason for this decision. They just stated that it comes after the previous suspensions that happened in May.
However, the cryptocurrency exchange has stated that it will still be allowed to deposit and withdraw these tokens via its other supported networks.
Amid its ongoing issues, Multichain has seen its Total Value Closed (TVL) drop more than 10% in the past month, dropping to $1.3 billion, according to Data from Devilama.
Its parent token, MULTI, has also seen a similar fate, down 22.15% in the past month based on Data by CoinMarketCap. At the time of writing, MULTI was trading at $3.14, with a loss of 5.63% in the last day.
Total Crypto Market Valued At $1.15 Trillion On The Hourly Chart | Source: TOTAL Chart On Tradingview.com
Binance’s regulatory problems continue
In other news, the regulatory clouds around Binance continue to grow as the exchange faces multiple investigations from governments around the world.
The latest update reveals that the Australian Securities and Investments Commission (ASIC) raided the Binance offices on July 4 as part of an open investigation into the exchange’s now-defunct derivatives program.
This development comes next ASIC has revoked Binance Australia’s derivatives license in April while conducting a “targeted review” of the stock exchange after it admitted to making a mistake in identifying some clients as wholesale investors.
Apart from Australia, the world’s largest stock exchange has recently faced serious regulatory issues in other countries. These include France, Belgium, the Netherlands and, most notably, the United States.
Featured image from Forbes, chart from Tradingview
