After struggling in the crypto world for a long time, I finally waited for my account assets to reach 1 million, happily thinking that after withdrawing, I could live a relaxed life, but unexpectedly, the account was suddenly frozen, and all my beautiful dreams were shattered in an instant. This situation is not an isolated case; account freezing is a nightmare that many investors face in cryptocurrency trading.
Currently, cash transactions may seem to avoid some tracking, but in reality, they carry significant risks. Techniques such as outright robbery, counterfeit currency, and counterfeit U are difficult to guard against. More critically, the source of cash or existing funds is hard to trace. Once it involves dirty money, regardless of the amount, it may lead to account freezing. Moreover, frequent transactions undoubtedly increase the chances of receiving dirty money. Therefore, it is wise to plan ahead for a certain period of funding needs and choose a safe OTC merchant for a one-time withdrawal to reduce operational frequency.
1. Recommended withdrawal methods
(1) Binance C2C withdrawals
1. Choose an exchange: Among many cryptocurrency exchanges, prioritize Binance. Platforms like "European Certain" have a relatively high inflow of dirty money, and the withdrawal risks are higher, so they should be avoided as much as possible.
2. Choose merchants and channels: Be sure to select compliant merchants with a long registration time and a large historical transaction volume, and ensure that the other party has completed real-name authentication. The transaction process must strictly be completed through the official platform, and it is absolutely forbidden to conduct offline cash transactions or privately trade on social platforms. Once issues arise from these private transaction methods, it is difficult to obtain protection and support from the platform.
3. Control frequency and amount: Avoid frequent large transactions, as this can easily trigger the risk control mechanisms of platforms and banks. Withdrawals can be made in batches to reduce the amount of each withdrawal, thereby lowering risk. If unfortunately the account is frozen, contact customer service promptly and provide materials that can prove the legality of the transaction to apply for restoration of the account's normal status.
(2) Hong Kong bank card withdrawals (e.g., ZA Bank)
1. Card application process: Apply for a bank card online through Hong Kong banks such as ZA Bank, which is relatively simple. A major advantage of using a Hong Kong bank card for withdrawals is that it can convert funds into Hong Kong dollars. Once liquidated, it can be deposited into the bank card via ATM or directly used for consumption, making it quite flexible.
2. Precautions: Similarly, avoid frequent large withdrawals and maintain low-frequency trading to reduce risk monitoring by exchanges and banks. Additionally, pay attention to "card nurturing," which means regularly using the bank card for some routine transactions rather than only for deposits and withdrawals, thereby reducing the risk of abnormal operations.
(3) VISA/MasterCard consumption (exchange cards)
1. Function: Some exchanges provide VISA/MasterCard, which has the function of directly converting cryptocurrency into fiat currency for consumption, providing investors with a convenient way to withdraw and spend.
2. Fees and security: This withdrawal method is relatively safe, but attention should be paid to the issue of fees, such as cross-border transaction fees, withdrawal fees, etc. It is important to understand the specific fees in advance before use. Additionally, the consumption process may involve currency conversion, so costs should be judged based on the type of card and platform rules to avoid unnecessary losses due to exchange rates and fees.
2. Core principles to avoid freezing and bank risk control
(1) Batch withdrawals
One-time large withdrawals are one of the common causes of account freezing and bank risk control. To reduce risk, investors should make multiple small operations. For example, if the original plan was to withdraw 500,000 at once, it can be divided into 5 times, with each withdrawal being 100,000, which can effectively reduce the likelihood of being subject to risk control.
(2) Avoid related time periods
Try to avoid making large transactions at night or during holidays. Banks and exchanges may have stricter monitoring mechanisms during these times, and abnormal operations are more likely to be flagged. For example, making a large withdrawal in the early morning can easily be deemed an abnormal trading behavior by the system, leading to account freezing. Therefore, choosing to trade during normal business hours on working days can help reduce risk to some extent.
It should be noted that OTC merchants can only guarantee the safety of their own funds and cannot completely avoid bank risk control. Investors need to plan their operations carefully and approach each transaction cautiously in order to protect their funds as much as possible in the complex environment of cryptocurrency trading, avoid risks such as account freezing, and achieve safe transfer and accumulation of wealth.