If you've made a million, congratulations! But safely withdrawing money from the crypto world (cashing out) might be harder than making money. If you're not careful, your card could be frozen, money could be scammed, or even worse. Remember these methods, especially for beginners:
1. Make 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 local money exchange stores (those that have been open for a long time and have a good reputation), and exchange for HKD or RMB.
Key:
Do not change all at once: Change in multiple times, each time a little (for example, change tens of thousands at a time) to reduce risk.
Don’t carry large amounts of cash when crossing borders: Easy to be checked, high risk. Exchange well and keep it in your card or spend it.
Find reliable stores: Check the store's reputation, don’t get scammed by shady stores.
2. Use overseas bank cards to receive money (most stable, but requires preparation in advance)
How to do it:
1. Transfer U from Binance to foreign exchanges like Kraken.
2. Sell U at the exchange for US dollars (USD).
3. Withdraw money to your **pre-prepared overseas bank card (like Zhong An Bank in Hong Kong, or banks in Singapore, the US, etc., that support receiving money from selling cryptocurrency).
Key:
Card must be prepared in advance: This is fundamental! Without an overseas card, this route is not feasible. Ensure your bank account is functioning normally.
Check exchange rates and fees: Different platforms and banks charge differently, compare three places to avoid being deducted too much.
Overall low risk: As long as the operation is compliant, this is a relatively safe method.
3. Find someone to buy on Binance C2C (commonly used, but very cautious)
How to do it: In the C2C trading area of the Binance APP, place an order to sell your U. Verified merchants will buy it with RMB (or other currencies). Once the money reaches your linked bank card, the transaction is complete.
Key:
Choose good merchants:
Check registration time: Choose merchants that have been operating for at least 2 years.
Check trading volume: Look for stable and high trading volumes, don’t choose those with fluctuating or too low trading activities.
Absolutely do not conduct offline transactions!
Do not meet to take cash: Easy to be robbed! Those that have incidents in the news are usually like this.
Do not transfer privately via WeChat/Alipay: No platform protection, if the other party receives U but does not transfer money, or transfers dirty money freezing your card, you have no way to reason.
Don’t trust trades in groups on Telegram and similar platforms: A den of scammers!
Bloody lessons remind:
Robbery risk: Carrying cash or a large amount of U for offline transactions? That’s basically telling bad people 'Come rob me!' Your personal safety is at risk.
Frozen card/legal risks: If you receive dirty money, your bank card could instantly become useless, and you might be questioned by the police. Offline transactions may also be deemed illegal.
Lifeline summary
1. Prefer overseas cards: The most stable, prepare the card in advance.
2. C2C requires careful selection of merchants: Only use large platforms (only choose reputable, high trading volume merchants, absolutely avoid offline transactions).
3. Changing cash in Hong Kong should be done in a scattered manner: If you can go to Hong Kong, change in multiple small amounts, and find reliable stores.
4. Core principle: Safety first! Don't be greedy for speed or convenience. Use a small portion of money you can afford to lose to test the waters and familiarize yourself with the process.
After the money arrives, pay attention:
Do not immediately transfer large amounts away! At least leave 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 currencies, do not mix it with salary cards or mortgage cards! In case it freezes, it won't affect your daily life.
Making money in the crypto world is not easy, and cashing out requires caution.
