Last thing I remember,
I was running for the door.
I had to find the passage back
To the place I was before.
“Relax,” said the night man,

Binance: Fiat off-ramps keep closing, reports of frozen funds, what happened to Catherine Coley?

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2021-07-14 03:00:05

Last thing I remember, I was running for the door. I had to find the passage back To the place I was before. “Relax,” said the night man, “We are programmed to receive. You can check-out any time you like, But you can never leave.”

Binance customers are becoming trapped inside of Binance — or at least their funds are — as the fiat exits to the world’s largest crypto exchange close around them. You can almost hear the echoes of doors slamming, one by one, down a long empty corridor leading to nowhere.

In the latest bit of unfolding drama, Binance told its customers today that it had disabled withdrawals in British Pounds after its key payment partner, Clear Junction, ended its business relationship with the exchange.

Clear Junction provides access to Faster Payments through a UK lender called Clear Bank. Faster Payments is a major UK payments network that offers near real-time transfers between the country’s banks — the thing the US Federal Reserve hopes to get with FedNow.