After many digital currency players make money, it becomes increasingly difficult to cash out USDT. Many gamer friends also received black money due to deposit and withdrawal issues, resulting in their bank cards being frozen, and demanded compensation of XXX yuan to the victims.
At least at present, most OTC exchanges in China deal with black money every day, whether actively or passively. The most difficult part of cashing out deposits and withdrawals is the exchange of digital currency and legal currency.
Pay attention to the following points to effectively prevent your card from being frozen after receiving black money:
(1) For OTC transactions, try to choose a large platform like Binance. These platforms have better communication channels and risk control methods with mainland regulatory agencies and law enforcement agencies.
(2) Try to choose an OTC platform that supports T+1/T+2 withdrawal strategy. Although you cannot withdraw money immediately after selling the coins, it reduces the risk of money laundering through OTC transactions. For example, Binance T+1 and Huobi Select Trading (compared to free trading, T+2 withdrawal).
(3) Avoid directly using stable currency OTC transactions such as USDT. Try to use mainstream currencies such as BTC and ETH for OTC transactions.
(4) The bank card used for OTC transactions must be a separate card that is not used normally and separated from the salary card. In this way, even if it is frozen, it will not affect the use of other funds. When cooperating with the investigation, it is easy to clarify the flow of funds.
(5) Bank cards for OTC transactions should try to use cards from local banks, such as city commercial banks and rural commercial banks in various places. Large and medium-sized joint-stock and commercial banks such as Industrial and Peasant China Construction Bank have branches all over the country, so law enforcement agencies can basically freeze them directly.
(6) Do not conduct frequent transactions with fixed merchants, and do not conduct frequent transactions with fixed users. It is very dangerous for the same user to make more than 3 indirect purchases in a day, or to sell a purchase a few hours later, and is highly suspected of money laundering.
(7) Find reliable OTC merchants for transactions. Try to take the initiative to take orders from large merchants and market makers, place fewer orders, and touch less merchants in problem areas. In fact, as an ordinary user, it is difficult to tell which merchants are reliable. For example, a large number of friends who transacted with Huobi Blue Shield service merchants have also had their cards frozen.
(8) Reduce the frequency of cash withdrawals and increase the amount of cash.
(9) After OTC transactions, do not transfer it to your other bank cards to avoid contaminating other funds and making it troublesome to cooperate with the investigation. If you need money urgently, you can withdraw cash through ATM or spend it online.
(10) Try to choose working days for cash out. It is best to trade during normal working hours such as working days, such as cashing out between 9 a.m. and 9 p.m.
(11) Do not transfer money immediately after receiving it. After selling USDT and converting it into RMB, do not transfer it out immediately, keep it in the account for a period of time.
The following are some of the more commonly used safe withdrawal methods, which can be applied to the withdrawal needs of ordinary users:
1. Overseas virtual bank card
There are already some overseas visa or MasterCard virtual banks that support cryptocurrency deposits, such as dupay, onekey card, gatecard (domestic IP cannot be used), etc. You can use this method to deposit stable coins overseas, and then use payment transfers through WeChat Or use Alipay to withdraw money. Of course, a certain handling fee will be charged in this process. For example, dupay's mastercard virtual card will have card fees every month. Finally, transferring US dollars to WeChat or Alipay also requires a certain handling fee, but the exchange rate loss is relatively low.
2. Withdraw funds from exchanges
Generally speaking, what we call exchange withdrawals is C2C point-to-point withdrawals. With the increase in user demand, some exchanges have also started withdrawal services. For example, exchanges such as Binance have specially provided withdrawal services for users. channel.
Let’s take Binance as an example. First, find the remittance option in the payment function, and then choose to transfer to China. There are three ways, namely Alipay, WeChat and bank. However, it should be noted that the account we transfer must be the same as our own currency. The security of real-name authentication is the same, which can avoid problems such as money laundering.
3. Direct consumption
Another way is direct consumption, which is an indirect withdrawal. Currently, some exchanges have launched similar functions, such as Binance’s payment function and gift card functions, and Gateio’s gift card. We can purchase Apple services or Steam services through the Binance payment function, as well as recharge mobile phone bills, book hotels, etc. Through the gateio gift card, we can purchase JD.com cards, Amazon gift cards, and Apple or more game services.
Of course, Binance Payment also provides multiple consumption scenarios, such as payment functions related to purchasing Apple, recharging mobile phone bills, and multiple overseas consumption scenarios.
4. Hong Kong digital currency ATM machine
In Hong Kong, digital currencies can be used and traded normally. A series of policies to support cryptocurrency launched by Hong Kong at the beginning of this year are also being implemented, such as the launch of the hashkey exchange during this period. At the same time, Hong Kong is also relatively easy to reach for mainland residents. Region, you only need to apply for a Hong Kong and Macao pass. Of course, Hong Kong also has digital currency ATM machines, so we can directly exchange cryptocurrency into Hong Kong dollars at such ATM machines. Of course, according to the New Deal, exchanging cash from an ATM machine requires real-name authentication. Relatively speaking, the first operation is relatively cumbersome. At the same time, there will be a relatively high exchange rate loss through the ATM machine. It is generally suitable for travel consumption and other scenarios.
Of course, if you go to Hong Kong alone, it is also recommended to apply for a Hong Kong bank card. Because Hong Kong’s cryptocurrency trading policy will continue to increase its opening up, it will become common to purchase cryptocurrency with legal currency, and it will naturally be more convenient to withdraw money. Therefore Preparing a bank card in advance will become a need to withdraw funds.
