It's not that money can't be made in the cryptocurrency circle, but many people don't use the right methods to withdraw, ultimately losing their principal and taking on legal responsibilities.
In 2020, because of a seemingly 'ordinary' USDT withdrawal transaction, all my bank cards and payment accounts were frozen, and I nearly got involved in a criminal process. That experience gave me a completely different understanding of 'withdrawal safety.'
Now, summarizing my ten years of practical experience, I hope you can avoid pitfalls, mitigate risks, and protect your principal.
The experience of my account being frozen.
At the end of 2020, after withdrawing coins from a mainstream exchange, I converted USDT to RMB and transferred it to my bank card in batches, then transferred it to WeChat and Alipay for daily expenses. A few days later, I woke up to find:
Bank card frozen!
WeChat and Alipay completely suspended!
Customer service phone calls go unanswered!
Later learned it was 'related to case funds,' and my account was frozen by the police in a certain area of Anhui!
Although I submitted complete transaction records, chat evidence, trading flow, and salary proof immediately, the police informed me:
‘Virtual currency transactions are not protected by law; if you don't want to freeze your account for a long time, it is recommended to compensate the victim's losses.’
In the end, I lost tens of thousands just to quickly unlock my account.
The biggest principle of cryptocurrency withdrawals is: safety always outweighs profit.
In the cryptocurrency circle, being able to withdraw safely is what truly counts as earning.
I have classified mainstream withdrawal methods into four categories based on safety, practicality, thresholds, and operational convenience based on my ten years of practical experience.
First method: Withdraw with a Hong Kong card (safest option).
This is currently the most mainstream and lowest risk withdrawal method.
Especially suitable for: those with a certain amount of capital and long-term stable operations.
Why choose a Hong Kong card?
First: Funds bypass mainland regulations and do not go through the local banking system.
Second: Can be used for exchange withdrawals, receiving payments, and cash withdrawals without involving case funds.
Third: The card is multifunctional, can be linked to various financial accounts, and supports ATM withdrawals.
Practical operation notes:
Recommended banks for account opening: Dah Sing Bank, OCBC Wing Hang Bank, Chuangxing Bank, with low asset thresholds.
It is recommended to withdraw amounts greater than $2,000 Hong Kong dollars at once to avoid frequent transactions being monitored.
The handling fee is generally 100~300 Hong Kong dollars per transaction.
This type of card usually requires the person to go to Hong Kong to open an account in person, but it can also be done remotely through a licensed intermediary. Since 2023, regulations have tightened, so it is advisable to handle it as soon as possible.
Second method: Withdraw through exchanges, selecting reliable counterparties.
If you don't have a Hong Kong card for the moment, you can use C2C over-the-counter withdrawals, but the risk is high, and you must carefully select trading partners.
Three principles for safe withdrawals:
Fund sedimentation: Require the other party's funds to have been in the bank for more than 3 days, not 'hot money' that comes in and out quickly.
Strong real-name matching: Bank account names must match exactly and notes must be clear.
Leave evidence: Keep complete chat records, screenshots of video calls, and transfer records
Special reminder for large withdrawals:
First: It is recommended not to exceed 50,000 yuan in a single transaction; handle excess in separate transactions.
Second: Confirm the identity of the trading partner through video to prevent 'account scraping' or identity theft.
Third method: Offline cash transactions (not recommended for beginners).
This type of transaction is high-risk and suitable for low-frequency operations between acquaintances. Once you encounter scams from strangers, the cost is extremely high.
Main risks:
Legal risk: Suspected of 'assisting in money laundering,' even if you are unaware.
Operational traps: Many tricks such as fake transfer screenshots, counterfeit cash, and biting back after the fact.
Difficulties in defending rights: Without transfer records or contractual evidence, it is hard to prove one's innocence.
Recommended scenarios:
Limited to acquaintances (>3 years) + transaction amount <20,000 yuan
Always record audio and video during face-to-face transactions, and try to operate in public areas with cameras.
Fourth option: The bottom line thinking you must prepare.
No matter which method you use for withdrawal, the following points must be remembered:
Backup materials:
All transaction records, transfer details, and chat screenshots should be kept for at least 5 years.
Regularly clean up sensitive words and dialogue related to virtual currency on your phone.
Emergency preparations:
Always reserve a certain amount of living funds; do not go all in.
Diversify accounts to avoid having all assets frozen.
Learn to assess the legality of the source of funds from a 'regulatory perspective.'
Conclusion: In the cryptocurrency world, one wrong step can lead to a series of mistakes.
I once thought, 'I haven't done anything wrong, what am I afraid of?' Until that time when hundreds of thousands were frozen instantly, I realized:
Trading in the cryptocurrency circle is not illegal, but if the withdrawal method touches a gray area, the regulators will not support you.
You can choose to continue 'taking chances,' or you can learn from my lessons to ensure your own safety.
The first rule in the cryptocurrency circle is not 'buy high and sell low,' but 'protect the principal and withdraw safely.'
The next big market trend is about to start. Are you ready?
The team opens orders daily, with steady profits and precise strategies, waiting for you to join!!!
For friends currently suffering losses and looking to recover, comment with -111 for a big feast!!!
#币安Alpha上新 #Strategy增持比特币 #美联储FOMC会议