Operational process: Take your USDT to Hong Kong, find local money exchange shops that have been in business for many years and have great reputations, and exchange USDT for Hong Kong dollars or Chinese yuan.
Key points to note:
Avoid 'all-in' exchanges: Don't exchange all your coins at once; do it in multiple smaller transactions, for example, exchanging a few tens of thousands at a time. This way, even if one transaction has an issue, you won't suffer a total loss, effectively reducing risk.
Refuse to cross borders with large amounts of cash: Carrying large amounts of cash across borders is like telling customs 'I have a situation!' It's extremely risky; do not do this. Quickly deposit the exchanged money into your bank card or spend it directly in Hong Kong.
Be discerning when choosing stores: Be sure to thoroughly investigate the store's reputation before going; look at other crypto friends' reviews, and definitely avoid newly opened or poorly rated stores to prevent loss.
Receive money via an overseas bank card: Steady and secure, but requires prior planning (the safest method, but preparation in advance is essential).
Operational process:
First, transfer your USDT from platforms like Binance to well-known foreign exchanges like Kraken.
Sell USDT in foreign exchanges and convert it to US dollars (USD).
Finally, withdraw the US dollars to your pre-arranged overseas bank card, such as Hong Kong Zhong'an Bank, or banks in Singapore, the United States, etc., that support receiving funds from cryptocurrency sales.
Key points to note:
Overseas cards are a prerequisite: This step is crucial; without an overseas bank card, subsequent operations are futile. Ensure that the bank card is in good standing and can properly receive and use funds.
Carefully consider fees: Different platforms and banks have different fees and exchange rates. Before operating, be sure to compare several options to choose a combination with relatively low fees to avoid having your hard-earned money significantly reduced by fees.
Compliant operation ensures safety: As long as the entire operation strictly adheres to laws and regulations, this is a relatively safe and secure way to withdraw funds.
Binance C2C transactions: Common but fraught with danger; be extremely cautious.
Operational process: Open the Binance app, enter the C2C trading area, and list your USDT for sale. Certified merchants will see it and buy your coins with RMB (or other legal currencies). Once the money arrives in your linked bank account, the transaction is complete.
Key points to note:
Carefully select merchants:
Check registration duration: Prioritize choosing established merchants who have been registered for at least 2 years, as they tend to be more reliable.
Check transaction volume: Look for merchants with large and stable transaction volumes; avoid those with wildly fluctuating trading data or pitiful transaction volumes.
Firmly resist offline transactions:
Refuse cash transactions in person: Meeting offline to exchange cash seems direct and convenient but is fraught with danger. There are numerous cases of robbery reported in the news; carrying large amounts of cash or U outside is like putting a label on yourself saying 'Come rob me,' making personal safety hard to guarantee.
Abandon private transfers via WeChat/Alipay: Without platform protection, if the other party receives U but does not transfer the money, or transfers suspicious black money, your bank card may be frozen, and you won't have a place to reason.
Stay away from trading groups on Telegram: These groups are mixed with good and bad, with many fraudsters; trading in them is likely to result in loss.
A bloody warning from past lessons.
Robbery risk: Offline transactions with cash or large amounts of U are practically 'showing off wealth,' providing opportunities for criminals and putting your personal safety at risk.
Frozen card/legal risks: If you receive black money, your bank card could be frozen instantly, becoming useless. More seriously, you might be invited by the police for 'tea' to assist with investigations. Moreover, offline transactions may violate relevant laws and regulations; do not test the law.
Summary for survival.
Prioritize overseas cards: The safest way is to prepare an overseas bank card in advance and follow the procedures; the safety factor is high.
C2C transactions should be treated with caution: Only conduct transactions on major platforms, carefully select reputable, high-volume merchants, and never engage in offline transactions.
Reasonable planning for cash exchange in Hong Kong: If you can go to Hong Kong, remember to exchange small amounts multiple times, find reliable stores to reduce risk.
Safety first principle: Always prioritize safety; do not be tempted by speed or convenience. You can first use a small amount of money that you can afford to lose to test the waters, and once familiar with the entire withdrawal process, then proceed with larger amounts.
Precautions after money arrives.
Funds stay buffer: After the money arrives, do not rush to transfer large amounts immediately; at least keep it in the card for 24 hours before using it. This can reduce the risk of being frozen by the bank's risk control, giving the funds a 'buffer period'.
Dedicated bank card: It is strongly recommended to use a dedicated bank card to receive money from cryptocurrency transactions, avoiding mixing it with salary cards, mortgage cards, or other important daily bank cards. If this card is frozen, it won't affect your daily life and important financial arrangements.
Making money in the crypto world is already difficult, and withdrawing funds is even more challenging and risky. Always remember these methods and precautions; cautious navigation leads to safety, ensuring that the hard-earned money is safely cashed out.
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