Today while chatting with a friend, we talked about how he wanted to cash out the virtual currency he held during the New Year, but his bank card was suddenly frozen. He hurriedly contacted the bank and even went to an offline branch to check the reason, only to find out it was frozen by a local criminal investigation department. The bank gave him a contact number, and when he called, it turned out to be a police officer from a certain place. The police informed him that the merchant he traded with was suspected of telecom fraud, and the funds involved flowed into his account, hence the bank card was frozen. In such cases, he had to honestly explain the situation and accept his misfortune of encountering a bad merchant.
Another friend of mine was investigated while withdrawing funds and just got released on bail. Based on the current situation, he is likely to be charged with 'aiding information network criminal activities.' Whether he will be sentenced to prison is another matter, but the key is that having a criminal record will affect several generations. From his perspective, it's really tragic. He had been investing money into it and basically lost everything due to liquidation. This time, he finally seized an opportunity to make some money, but as soon as he tried to withdraw, problems arose. He himself felt helpless, saying that nothing happened when he was losing money, but as soon as he made some, he got targeted.
At the beginning of the new year, I would like to share a few relatively safe methods for fund operations, for reference only:
1. Binance C2C cash out
Exchange selection: prioritize Binance, do not use OKEx. There are many illicit transactions on OKEx, which is too risky.
Strictly review merchants:
Registration time: at least 2 years.
Total number of transactions: the more, the more reliable.
Number of transactions in the last 30 days: not too many, moderate is better. Too many may indicate frequent trading, which carries higher risks.
Both parties must verify identities: transactions must be completed through the exchange formally, never conduct cash transactions offline, and do not use opaque channels like TG.
2. BiyaPay
You can first transfer USDT from the exchange to the BiyaPay e-wallet, and then exchange it for US dollars or other fiat currencies at a 1:1 ratio within BiyaPay. Next, withdraw to bank accounts such as Wise or OCBC, and finally remit it back to a bank card in mainland China, or to Alipay or WeChat. By doing this, you only need to pay some handling fees and exchange rate losses to ensure that the funds are compliant and safely obtain the profits from trading cryptocurrencies.
3. Offline cash out
If you need to trade offline, try to find someone you know and trust. Human nature is complex and unpredictable, and offline transactions may carry many potential dangers. An important principle for offline transactions is: safety is paramount. If you encounter a robbery, do not confront the other party.
Summary
In the process of trading and cashing out virtual currencies, the safety and compliance of funds are the most important. By choosing reliable platforms, strictly reviewing trading partners, diversifying risks, and other methods, fund losses and legal risks can be effectively reduced. I hope everyone can have a smooth experience when investing and cashing out, avoiding similar issues.