I made quite a bit of money in the cryptocurrency space. If I withdraw, will the bank question the source of the funds?
If the amount is too large, they will definitely ask. I've been questioned three times.
I started trading on BTC China, but that platform is gone now. At that time, Bitcoin was only $2500. I was doing e-commerce and had a good amount of cash on hand.
Later, it unexpectedly rose to over $7000, and I withdrew funds. At that time, regulations weren't strict, and the bank still asked me. I answered the phone, and after a long conversation about my farmland, the number of cattle, my surname, where I came from, etc.
In the end, they said: 'Sir, we have a particularly good financial product that you might consider...' I was completely taken aback.
Later, they weren't so polite. I heard there were many cases of frozen accounts, and I took a lot of precautions. In recent years, my account has only been frozen once. I could just go 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 point is it's best to convert to US dollars and then directly remit the dollars to a foreign currency account. This is the best option because it separates you from the Chinese financial system, and the domestic and foreign financial systems are isolated. The dollar appreciation cycle also provides additional benefits. I've made large withdrawals over ten times without any problems. I can also spend directly overseas.
Here's another secret for everyone: accounts from foreign trade companies can bypass foreign exchange control bugs. So acquiring a mature foreign trade company makes trading crypto much easier. It also allows for cross-border arbitrage.
The market is never short of opportunities; the question is whether you can seize them. With experienced people and the right connections, we can earn more! There are still spots in the team, come quickly.
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