Binance, the leading cryptocurrency exchange, has temporarily suspended deposits for 10 tokens because of issues with the Multichain bridge project. The Block brings the information, as well as details regarding the situation.

The affected tokens operate on the BNB Chain and Fantom chains. Multichain has been facing problems, including transaction delays and stuck transactions, leading to user dissatisfaction. Rumors of the Multichain team’s alleged arrest in China have added to the uncertainty surrounding the project. In response, crypto projects and individuals are taking precautions, such as withdrawing funds from Multichain-related platforms. The lack of clear information from Multichain has left the crypto community in a state of uncertainty, eagerly seeking updates.

In a tweet, Binance wrote:

We’ll be temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team.

POLS-BSC
ACH-BSC
BIFI-FTM
SUPER-BSC
AVA-ETH
SPELL-AVAXC
ALPACA-FTM
FTM-ETH
FARM-BSC
DEXE-BSC

Deposits of the above assets on other networks are still open. Please refer to our deposits page for more details.

We'll be temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team.

POLS-BSC
ACH-BSC
BIFI-FTM
SUPER-BSC
AVA-ETH
SPELL-AVAXC
ALPACA-FTM
FTM-ETH
FARM-BSC
DEXE-BSC

Deposits of the above assets on other networks are…

— Binance (@binance) May 25, 2023

Binance, the cryptocurrency exchange powerhouse, has wielded a substantial influence over the crypto realm. With its mammoth presence and industry sway, Binance has left an indelible mark on the landscape. It has revolutionized trading dynamics, introducing groundbreaking features such as futures, spot, margin trading, granting users unrivaled options.

It’s also worth keeping in mind that Binance has become a launching pad for budding cryptocurrencies, as it has been empowering projects through token launch platforms and ICOs. Embracing the decentralized finance (DeFi) movement, Binance has even created its own decentralized exchange (DEX), the Binance DEX.

One amazing fact about the Binance DEX is that it operates on a decentralized network, which means that it is not controlled by a single authority or entity. This decentralized nature ensures that transactions on the Binance DEX are secure and resistant to censorship. Users have total control over their funds and can trade directly with each other, as there’s no need for intermediaries.