Making money in the crypto space is not easy, but when the bank card suddenly freezes while selling cryptocurrency (withdrawing funds), and you can't access your money, it can be even more frustrating!
How to avoid it?
The core points are:
1. Choosing the right platform and merchant is crucial:
Only use large platforms: Use licensed exchanges like Binance, OKX. Avoid small platforms or private WeChat groups for trading, as there is a lot of dirty money (ill-gotten gains) there!
Choose reliable merchants: Prioritize 'Blue Shield merchants' certified by the platform. Check how many transactions the merchant has completed in the last 30 days; avoid those with fewer than 100 transactions (too few) or 'instant transactions' (may involve money laundering).
Slower arrival is safer: If the platform has 'T+1/T+2' (money arriving the next or third day) options, use them; although slow, it can filter out some dirty money and is much safer.
2. Bank cards should be 'used for specific purposes':
Get a new card: specifically for receiving money from selling cryptocurrency! This card should not be mixed with your salary card, mortgage card, or daily spending card. If something happens to this card, it won't affect your other cards and life.
Choose smaller banks: Local rural commercial banks or city commercial banks usually have less stringent controls than large banks like Agricultural Bank, Industrial Bank, Bank of China, and Construction Bank, making it relatively harder for cards to be frozen.
Control transaction frequency: A maximum of 3 transactions a day on this card, and no more than 5 times a month. Frequent small transactions are most likely to be monitored by the bank's surveillance system (the bank focuses on anti-money laundering). In contrast, a single larger transaction (like over 50,000) is relatively safer (but this is not absolute; the core still lies in clean money).
3. Don't be quick to act once the money arrives:
Don't transfer it immediately! Once the money arrives in your bank card, absolutely avoid transferring it to others or to another card right away. This is a high-risk action that triggers bank freezes! It's best to leave the money in the card for at least 24 hours.
Prioritize cash withdrawal or spending: If you need to use this money, it's best to withdraw cash directly from an ATM or use this card for purchases. Try to avoid transferring this money to another bank immediately.
Trade during workdays: Try to trade between 9 AM to 6 PM on workdays (Monday to Friday).
In case something goes wrong, there will be bank staff on duty, which makes handling it relatively quicker. Avoid transactions late at night or on holidays.
4. Remember the painful lessons (90% of people fall for the fifth point):
Mistake 1: Using salary cards to receive money. Result: Salary cards get frozen, possibly leading to mortgage defaults, affecting credit ratings, and all cards getting frozen!
Mistake 2: Making small transactions for several consecutive days. Result: Triggering the bank's anti-money laundering alert, and the card gets frozen for half a year with no solution!
Mistake 3: Trusting 'Blue Shield merchants'. Result: If the other party's account has issues (like involving fraud), your card may also get frozen! Blue Shield merchants are not 100% safe, you should check transaction records yourself.
Mistake 4 (most critical! 90% of people fall for it): Transferring money immediately once it arrives! This is the biggest landmine for freezing! No matter how urgent, wait at least 24 hours.
Lifesaving mantra:
Choose a large platform, and verify the merchants!
Bank cards should be used specifically for specific purposes!
Keep the number of transactions low, and don't make too many small amounts!
Money arrived, don't transfer it immediately!
Handle it during workdays, it's easier to find someone if something goes wrong!
What to do if your card gets frozen?
Contact your bank immediately! Ask for the reason for the freeze and what materials are needed.
Prepare your transaction records on the platform and your identification (KYC), explaining that the source of this money is from selling virtual currency.
Cooperate with submitted materials. Never delete your chat history with the buyer!
The entire process may take 3 days at best, or half a month at worst. Be patient and follow the process.
Remember: Safely withdrawing funds is more important than how much money you make! Don't cut corners, follow the rules to protect your hard-earned money.
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