Binance suspends operations with 10 tokens due to delays

Binance, one of the world’s largest cryptocurrency exchanges, has temporarily suspended deposits of wrapped tokens coming from the Multichain bridge. It is due to “significant delays in transaction times”.

The suspension, informed by the company through a publication On twitter, affects 10 tokens that could be transacted on BNB Chain, Ethereum and Avalanche. Around 3:00 p.m. on Thursday, May 25 (UTC time), Binance announced the resumption of operations on Fantom.

Regarding the specific tokens that cannot currently be deposited on Binance, these are the pairs POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM -ETH, FARM-BSC and DEXE-BSC.

Multichain is a protocol that allows the sending of wrapped tokens (wrapped tokens) between more than 90 networks. According to DeFiLlama, it is estimated that there are USD 1.520 million locked in Multichain to provide liquidity. The decision to suspend deposits of the wrapped tokens has had an impact on the total value locked (TVL) of the protocol, which has slightly decreased from the USD 1.6 billion it had in previous days.

In this situation, Binance reported that it is awaiting clarification from the Multichain team before resuming deposits.

In response to user complaints, the Multichain team has pronounced on Twitter ensuring that pending transactions will be credited automatically. In addition, they ensure that they are working on a compensation plan for affected users. “While most of the Multichain protocol inter-network routes are working fine, some are unavailable due to force majeure and service resumption time is unknown,” they wrote.

At the beginning of the month, Binance was forced to suspend bitcoin (BTC) withdrawals, as CriptoNoticias reported. The reason was the congestion that the network was experiencing at that time. Such a scenario forced the company to promise the addition of the Lightning network, a long-standing request from its users.