I made several tens of millions in the crypto world. If I withdraw, will the bank question the source of the money?
If the amount is too large, they will definitely ask. I've been questioned 4 times.
I initially traded on BitChina, but that platform is gone now. At that time, Bitcoin was only 3000. I was doing e-commerce and had a lot of cash on hand.
Later, it unexpectedly rose directly to over 9000, and I withdrew funds. At that time, the regulation wasn't strict, and the bank still asked. I answered the phone, and they asked all sorts of questions, chatting for half the time about how many acres of land I have, how many cows in the fields, my surname, where I came from, and where I was going, just talking nonsense for a long time.
In the end, they suddenly said: 'Sir, we have a particularly good financial product, you might want to consider it...' I was dumbfounded.
Later, they weren't so polite anymore. I heard that there have been many cases of frozen cards, so I took many precautions. In recent years, I was only frozen once. I just went to the counter to unfreeze it.
In summary, as long as you don't touch USDT, there shouldn't be any issues. There is a lot of dirty money involved. Funds must be cooled down. Another thing is to convert it to US dollars, and then directly remit the dollars to a foreign currency account. This is the best option. Because it has already detached from the Chinese financial system, and the domestic and foreign financial systems are isolated. The dollar's appreciation cycle also brings additional profits. I have withdrawn large amounts more than ten times. There hasn't been a single problem. I can also spend directly overseas.
Another secret to share with everyone: foreign trade company accounts can exploit the loophole in foreign exchange controls. So acquiring a mature foreign trade company makes trading cryptocurrencies much easier. It also allows for cross-border arbitrage.
Answers to everyone's questions:
1. Why acquire a foreign trade company instead of starting one yourself?
Mainly because it's troublesome, and it's best if the foreign trade account has mature transaction flow.
2. Is it okay if the foreign trade company has no performance? Specifically for trading cryptocurrencies?
It's better to have some transaction flow.
3. How much profit can be made from cross-border arbitrage?
This mainly depends on the price difference between various exchanges.
4. Will there be losses?
It depends on market fluctuations; generally, there won't be losses. You can complete an arbitrage in just a few minutes. Of course, sometimes if the exchange processes slowly and there are big market fluctuations, there may be issues, but such situations are very rare.
