This is a great question, so I'll write a long article to explain in detail the risks of large withdrawals in the crypto circle and how to avoid being restricted by banks! (Very comprehensive + practical)

Whether you are a newcomer or a veteran in the crypto circle, there are many confusions about cashing out. Newcomers fear they cannot cash out, while veterans fear encountering dirty money.

If you are a newcomer and only trading small amounts, this concern is unnecessary. After all, the domestic OTC market is peer-to-peer (C2C) trading; there are buyers and sellers, so there will always be C2C trading methods available. Currently, the Binance C2C trading market is still stable. Find reputable merchants, don’t be tempted by small profits, and you can use it with peace of mind.

Next, I will focus on the concerns of veterans in the crypto circle about bank cards being frozen during withdrawals, specifically the worry of receiving dirty money.

The following text is lengthy, but it is all useful information; specific examples can be consulted with me for solutions.

Table of contents.

1. What is dirty money?

2. Characteristics of dirty money.

3. How to deal with the dirty money issue when cashing out.

4. How to deal with a frozen bank card.

5. Advanced thinking.

6. Summary:

What is dirty money?

If the buying price in the C2C trading market is lower than the selling price.

Theoretically, you can buy 1000 USDT at a price of 6.34, and then sell 1000 at a price of 6.38, making a net profit of 0.04 * 1000 = 40 dollars = 280 yuan. You can keep arbitraging like this.

But the market is not foolish; the profit margin has already been leveled.

The reason for this is that the merchants using fiat currency to buy USDT (i.e., offering 6.38) have dirty money, so they are willing to buy USDT at a cost higher than the market price to offload their dirty money, and you become an accomplice in money laundering.

Before 2018, the C2C market was relatively normal. Later, telecom fraud and various dirty money attempts started to flow through the crypto C2C market. The GA investigating dirty money now regulates this area quite strictly. Cards that have dirty money flowing through them will be frozen to cooperate with investigations.

Characteristics of dirty money.

It is very much like an infectious disease. Highly contagious and latent, it cannot be seen on the surface. Therefore, it has two characteristics:

1. As long as this card receives dirty money, it will be contaminated and may be frozen. This card transferring to any other card will infect the new card.

2. Before freezing, you won't know which card or money has issues; only when it is frozen will you know, so it can be somewhat unpredictable.

How to deal with the dirty money issue when withdrawing.

1. When withdrawing, look for merchants with high trading volume, long registration time, and normal prices (selling price lower than market buying price). Don't be greedy for small benefits.

Generally, look for merchants with trading volumes of over 2000 transactions, registered for over a year, and prices lower than buying prices. Merchants with small transaction volumes, registered for less than a month, almost always have issues.

2. Use unused empty cards to receive money, keep the amount on each card low, and try to trade with only one merchant per card. Isolate the transactions for 1-3 months before transferring to the main card, ensuring it hasn't been frozen first. Since we don’t know which merchant has issues, it’s purely a matter of probability, so we need to minimize potential losses from freezing. By isolating first, even if one card gets frozen, it won't be a big issue; just wait for it to be resolved.

Advanced thinking.

1. If you have a lot of money and have a demand for USD, you can open an account at the USD exchange Kraken, withdraw USDT to cash out as USD, and then withdraw it to your USD card.

2. Some people immediately pay off their credit cards/loans after receiving money, or buy financial products, or invest in the stock market, which generally has a lower probability of freezing.

3. Using a bank card is better. Alipay and WeChat cannot reduce the probability of being frozen.

Summary:

As long as the operation is appropriate and you don't be greedy for small benefits, the probability of encountering dirty money will be greatly reduced.

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