Having earned 1 million in the crypto space, how can you safely withdraw the money?

Making 1 million dollars, congratulations! But safely withdrawing money from the crypto world (cashing out) may be harder than making money. If you're not careful, the card could be frozen, money could be scammed, or even worse. Remember these methods, especially for beginners:

1. Take a trip to Hong Kong to exchange cash (suitable for those who can go).

How to do it: Take your U (USDT) to Hong Kong, find a local money exchange store (look for one that has been open for a long time and has a good reputation), exchange for Hong Kong dollars or RMB.

Key:

Don't exchange everything at once: Divide it into multiple exchanges, each time exchanging less (for example, exchange a few tens of thousands), to reduce risk.

Don't bring large amounts of cash across the border: Easy to be checked, high risk. Exchange it and store it in your card or spend it.

Find reliable stores: Verify the store's reputation, don't get scammed by black market stores.

2. Use a foreign bank card to receive money (the most stable, but requires prior preparation).

How to do it:

1. Transfer U from Binance to foreign exchanges like Kraken.

2. Sell U on the exchange to convert it to USD.

3. Withdraw the money to your **pre-prepared foreign bank card (such as Zhong An Bank in Hong Kong, or banks in Singapore, the US, etc. that support receiving money from cryptocurrency sales).

Key:

Make sure to prepare the card in advance: This is fundamental! Without a foreign card, this path won't work. Ensure your bank account can be used normally.

Check exchange rates and fees: Different platforms and banks charge differently, compare prices, don't get overcharged.

Overall low risk: As long as operations are compliant, this is a relatively safe method.

3. Find someone to buy on Binance C2C (commonly used, but be extremely careful).

How to do it: In the C2C trading area of the Binance app, place an order to sell your U. Verified merchants will buy with RMB (or other currencies). The transaction is completed after the money arrives at your linked bank card.

Key:

Choose good merchants:

Check registration time: Choose merchants that have been established for at least 2 years.

Check trading volume: Large and stable trading volumes, avoid those with erratic or very low trading.

Absolutely do not conduct offline transactions!

Don't meet to take cash: Easy to get robbed! Most incidents in the news involve this.

Don't transfer privately via WeChat/Alipay: No platform protection, if the other party receives the U but doesn't transfer the money, or if they transfer black money and freeze your card, you have no place to argue.

Don't trust trading in groups like Telegram: Scam central!

Lessons from painful experiences:

Robbery risk: Carrying cash or large amounts of U in offline transactions? It's like telling bad people, 'Come rob me!' Your personal safety is at risk.

Frozen card/legal risks: Receiving black money can turn your bank card into a useless card instantly, and you may even be questioned by the police. Offline transactions may also be considered illegal.

Life-saving summary

1. Prioritize foreign cards: The most stable, prepare the card in advance.

2. Be selective with C2C merchants: Only use large platforms (only choose reputable, high-volume merchants, never do offline transactions).

3. Cash exchange in Hong Kong should be diversified: If you can go to Hong Kong, exchange in multiple small amounts, find reliable stores.

4. Core principle: Safety first! Don't be greedy for speed, don't try to cut corners. Use a small portion of money that you can afford to lose to test the waters and familiarize yourself with the process.

Note after the money arrives:

Don't transfer a large amount immediately! At least keep it in the card for 24 hours before using it to reduce the risk of being frozen by bank risk control.

It's best to use a dedicated bank card that only receives money from selling cryptocurrency, avoid mixing it with salary cards or mortgage cards! In case of freezing, it won't affect your life.

Making money in the crypto world is not easy, and cashing out requires caution.

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