In the crypto world, money in hand is real profit; otherwise, it's just a numbers game! Safe cashing out is your lifeline.
A painful experience: In 2020, I cashed out 150,000 USDT, and the next day all my cards were frozen! The police in Anhui said I received 'dirty money' and had to compensate the victim 280,000! I was stunned, I stayed up all night printing 13 documents to prove my innocence, and the result? I had to take a 30% loss! 360,000, watching it get locked down, my fingers went cold. That was when I understood: cashing out isn't just pressing a button; it's a battle of wits with risks!
Safety first: Open a Hong Kong bank account! Why do the big players use it? Money first goes to Hong Kong, perfectly avoiding mainland risk control! Money from Binance, Coinbase, etc., can be deposited into this card, and then withdrawn or transferred back to the mainland (be mindful of exchange limits). Opening an account isn't difficult; just bring your documents and find a low-threshold bank like China Overseas Bank. Although the single transaction fee of a few hundred HKD stings a bit, considering my 360,000 tuition... it's worth it! Think of it as buying insurance for your assets! (Pitfall: Don't use HSBC or Standard Chartered!)
Selling coins on exchanges (use with caution): This is the easiest way to step on a landmine! Remember three life-saving points:
Check the transaction history: Have the merchant show you their bank statement from three days ago. If it's a 'hot money' account that just received funds and then transferred them out, stay away!
Real-name transactions: Money must be transferred from accounts with the same name, and clearly note that it's for 'BTC transactions'.
Keep evidence: Chat records should clearly state 'known money is clean'. For large transactions, it's best to verify by video! Choose merchants with 'T+3 settlement'; this can filter out 90% of problematic funds. Don't use more than 3 cards a day, and don't exceed 50,000 per card!
Offline transactions (avoid if possible): Too dangerous! Money from acquaintances could also be illicit, making you liable for 'aiding and abetting'! Cash transactions with strangers? Counterfeit money, fake transfer screenshots await you! If you must do it, only deal with trusted old friends, keep it under 20,000, have them prove the source of the money, and record everything!
Self-protection rule:
Domestic policies do not support this! All risks are borne by yourself!
Store all transaction records, chat screenshots, and bank statements for 5 years! Backup in the cloud!
Keep enough living expenses for half a year, and don't let a frozen card ruin your mortgage!
After cashing out, don't show off with large purchases for 24 hours, observe first!
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