In the cryptocurrency world, successfully selling virtual currency is only the first step; safely withdrawing funds is key. Many people think that finding any buyer to cash out is sufficient, but the reality is that this simple and crude way of withdrawing funds is likely to result in the recipient's bank card being frozen. Once the bank card is frozen, to unfreeze it, you must prove the legitimacy of the transaction to the public security authorities, which is no easy task.
To successfully prove oneself, the following tasks must be completed before withdrawing virtual currency:
1. Deeply understand the trading counterpart
In virtual currency trading, one cannot be as casual as buying and selling ordinary goods. Public security authorities often inquire about the trading counterpart's situation, so it is essential to fulfill reasonable due diligence obligations. Before the transaction, carefully review the counterpart's account information and bank statements; if the source of funds is unclear, firmly refuse the transaction. Do not let immediate interests cloud your judgment and trade with individuals of unknown origin, as it may lead to greater losses. For example, some criminals use virtual currency transactions to launder money, and once your bank card receives their funds, it can easily be frozen.
2. Fully retain chat records
Timely preserve the chat records during the process of selling virtual currency; these records can clearly restore the transaction process. Whether it is the agreement on transaction prices, confirmation of transaction methods, or details of communication between both parties, all may become key evidence proving the legitimacy of the transaction. Imagine that when your bank card is frozen and you need to explain the transaction situation to the public security authorities, having complete chat records will give you more confidence.
3. Timely save transaction orders
It is essential to promptly take screenshots of the transaction orders from the exchange and save them. Currently, many exchanges only retain transaction orders for 6 months; after this period, they cannot be retrieved. If you do not save the order records properly, you will face significant difficulties in proving the legitimacy of the transaction. Therefore, after each withdrawal, download and back up the transaction orders immediately to insure the safety of your funds. Otherwise, if issues arise, at least your bank card may be frozen and your money temporarily trapped; at worst, you could become involved in crimes such as aiding and abetting or concealing criminal proceeds, facing imprisonment.
In the cryptocurrency world, being more cautious provides more protection. Only by paying attention to these details can you ensure the safety of your funds.
