Binance Suspends Deposits For 10 Bridge Token Networks Pending Clarification From Multichain Team

In a recent announcement on Twitter, leading cryptocurrency exchange Binance revealed that it will temporarily suspend deposits for ten bridge token networks.

The decision comes as the exchange awaits clarification from the Multichain team regarding these specific networks. While deposits for certain bridging token networks will be affected, Binance emphasized that deposits of the mentioned assets on other networks will remain open.

On May 25th, Binance took to Twitter to inform its users about the temporary suspension of deposits for several bridge token networks. The affected networks include POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC. Binance made it clear that these suspensions are in place until further clarification is received from the Multichain team.

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

The temporary suspension of deposits for these bridge token networks indicates that users will not be able to deposit or transfer these specific tokens into their Binance accounts during this period. However, Binance reassured users that deposits for the mentioned assets on other networks are unaffected by this decision. It is important for users to take note of these changes to avoid any inconvenience or disruptions to their trading activities.

The exchange decision to suspend deposits for the mentioned bridge token networks demonstrates the exchange’s commitment to ensuring regulatory compliance and maintaining a secure trading environment. By waiting for clarification from the Multichain team, Binance aims to address any potential uncertainties or risks associated with these specific networks.

As one of the largest cryptocurrency exchanges globally, Binance has built a reputation for its wide range of supported tokens and robust trading infrastructure. The exchange remains dedicated to providing a seamless user experience while prioritizing the safety and security of its users’ assets.

The firm temporary suspension of deposits for ten bridge token networks reflects its proactive approach to regulatory compliance and risk management. By waiting for clarification from the Multichain team, Binance aims to maintain a secure trading environment for its users. Traders and investors should stay updated on further announcements from the exchange regarding the resumption of deposits for these specific networks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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