The following is a detailed operational process and notes
Purchase Bitcoin in mainland China
1. Choose a legal trading platform: Users in mainland China can purchase Bitcoin through some legal overseas cryptocurrency exchanges, such as Binance or OKX.
2. Registration and identity verification:
• Register an account on your chosen exchange platform, typically requiring an email address, phone number, and completing 'Know Your Customer' (KYC) verification.
• KYC verification may require uploading ID photos, conducting facial recognition, etc.
3. Recharge RMB or purchase USDT:
• Recharge RMB through payment methods provided by exchanges, such as Alipay, WeChat Pay, or bank cards.
• Some platforms do not support purchasing Bitcoin directly with RMB; you can first purchase USDT (a stablecoin) and then use USDT to buy Bitcoin.
4. Purchase Bitcoin:
• After completing the recharge, go to the trading page of the platform, select Bitcoin (BTC), enter the purchase amount, and confirm the order.
• After confirming the transaction, Bitcoin will be credited to your platform account.
5. Withdraw to personal wallet (optional):
• If you are concerned about platform security or plan to hold Bitcoin for a long time, you can withdraw Bitcoin to a personal wallet, such as MetaMask or a hardware wallet.
Transfer Bitcoin to Hong Kong Victory Securities
1. Open a Victory Securities virtual asset account:
• After opening a securities account at Victory Securities, you need to fill out and sign relevant documents in electronic or paper form, including the additional agreement for virtual asset trading, the additional risk disclosure statement for virtual assets, the risk tolerance questionnaire, and the virtual asset knowledge and experience questionnaire.
2. Transfer Bitcoin:
• In the virtual asset account at Victory Securities, select 'Trading' → 'Deposit and Withdrawal' → 'Deposit'.
• Select the cryptocurrency to recharge (Bitcoin), fill in the amount, apply for recharge, and after obtaining the deposit address, copy the address to your Bitcoin wallet for withdrawal.
• Important note: Victory Securities does not allow direct deposits from third-party exchanges like Binance or OKX; you must first transfer to a personal wallet.
3. KYT review:
• Victory Securities will generate a smaller additional deposit amount to verify that the wallet address is held by you and conduct a 'Know Your Transaction' (KYT) review.
• After passing the KYT review, you can make large deposits; if not passed, the wallet address will not be able to deposit and will initiate a refund process.
Withdraw to a Hong Kong bank account from Victory Securities
1. Exchange Bitcoin for fiat currency:
• In the virtual asset account at Victory Securities, exchange Bitcoin for HKD.
2. Fund transfer:
• Transfer the exchanged HKD from the virtual asset account to the securities cash account; this process is usually fee-free.
3. Withdraw to Hong Kong bank account:
• In the securities cash account, select 'All Functions' → 'Withdraw Funds', enter the withdrawal amount and Hong Kong bank account information.
• Withdrawal arrival time: Withdrawals made before 12:00 noon will arrive on the same day; withdrawals made after 12:00 noon will arrive the next day.
• Withdrawal fees: The first withdrawal of HKD to a Hong Kong bank account each day is fee-free; starting from the second withdrawal on the same day, a fee of HKD 500 per transaction will be charged.
Notes
• Compliance and risk: In mainland China, the trading of Bitcoin and other cryptocurrencies is regulated, and you must ensure that all operations comply with relevant laws and regulations.
• Safety and privacy: During the operation, pay attention to protecting personal information and asset security, and choose secure trading platforms and wallets.
• Transaction fees: Pay attention to the deposit, withdrawal, and trading fees of each platform to reduce operational costs.
