Binance has announced that it has stopped supporting GALA on exchange and on BNB chain

The Binance exchange has delisted the controversial GALA coin. The site temporarily suspended withdrawals and deposits on November 3 until further notice.

Binance Delists GALA, But Not Quite, Here’s What’s Going on Here

Concerns about the token were given as the basis for this. However, the tweet states that Binance will discontinue support for GALA on Binance Smart Chain (BSC, also known as BNB Chain), but will not delist the Ethereum version of the coin.

Binance is now talking with the pNetwork about the next steps in the delisting process and how to assist affected users in recovering. Previously, CoinDesk reported on a pNetwork breach in which one billion USD in GALA tokens were created out of thin air. However, network representatives answered that the platform was behind the hack and that the minting was done to prevent criminal actors from taking users’ money.

Furthermore, the freshly generated tokens appear to have been utilized for draining the liquidity pool of PancakeSwap DEX of other digital currencies.

The price of the GALA token dropped by 20% as a result of this news. This appears to be the cause for Binance’s delisting of the BEP-20 GALA coin, as well as the “concerns” concerning this asset. Binance initially enabled GALA support in September of last year. This is a utility token on the gaming and NFT platforms, which is working to create an ecosystem for blockchain-based games.

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