Binance Just Suspended 8 Altcoins Tied to Bridge Protocol Multichain

It has been just revealed that Binance has just suspended 8 altcoins. Find out more details about this below.

The world’s biggest crypto exchange, Binance, has announced the suspension of deposits and withdrawals for eight altcoins linked to the bridging platform Multichain. Binance has halted its support for Alchemy Pay (ACH) via the BNB Smart Chain, Spell Token (SPELL) via the Avalanche C-Chain, and six other lower market cap altcoin projects via Ethereum, Fantom, as per their latest statement.

In May, the tokens were previously suspended due to a “force majeure” event, which caused certain routes on the bridge to be unavailable.

Binance has not provided a clear explanation for discontinuing support for the projects, but did allude to the incident in their statement.

Multichain said at the time of the incident the following:

“While most of the cross-chain routes of Multichain protocol are functioning well, some of the cross-chain routes are unavailable due to force majeure, and the time for service to resume is unknown. After service is restored, pending transactions will be credited automatically. Multichain will compensate users who are affected during this process, and the compensation plan will be announced later.”

Shortly following the incident, the company revealed that it couldn’t locate its CEO, and there have been no updates on his whereabouts, since.

“In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances. The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance.”

Belgium’s Financial Services and Markets Authority ordered Binance to cease all offers of virtual currency services in the country — immediately.

“The FSMA has noted that Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” the regulator said in a statement on Friday.