Is your cryptocurrency withdrawal always frozen? How to play with BTC through US and Hong Kong stock brokers to avoid withdrawal freezing?
So, why does the situation of withdrawal freezing occur? How can this issue be resolved? Additionally, more and more US and Hong Kong stock brokers have started to offer Bitcoin trading functions. How can one smoothly achieve Bitcoin and other digital currency withdrawals without freezing through these brokers?
Next, I will discuss these issues and focus on the solutions offered by Futu Securities, Tiger Brokers, and BiyaPay regarding Bitcoin trading and withdrawals, helping investors successfully exchange Bitcoin and ensure safe withdrawals.
First, why are withdrawals frozen? What are the reasons for withdrawal freezing?
Withdrawal freezing typically refers to the situation where, when investors attempt to withdraw funds from their trading accounts, the funds cannot be smoothly transferred out due to security reviews by the platform or third-party institutions, resulting in the account being locked or frozen. This situation is particularly common in cryptocurrency trading and usually involves several reasons:
1. Anti-money laundering (AML) and Know Your Customer (KYC) requirements: To prevent illegal activities such as money laundering and terrorist financing, financial institutions (including cryptocurrency trading platforms) must comply with strict AML and KYC regulations. If the account holder has not completed identity verification or exhibits suspicious trading behavior, the platform may freeze the account or refuse withdrawals.
2. Platform policies and compliance requirements: Some platforms may impose restrictions on specific accounts or transactions when facing compliance reviews, especially for large transactions or certain regional investors. The decentralized nature of cryptocurrencies puts more pressure on platforms regarding compliance, making cases of withdrawals being frozen quite common.
3. The complexity of fund flow: The process of exchanging and transferring cryptocurrencies can be quite complex, especially when conducting cross-border transfers between multiple different platforms and bank accounts. The source and flow of funds may trigger compliance reviews, leading to freezing.
4. Account abnormalities or security issues: If there are abnormal logins to the account, frequent changes to the withdrawal address, or detection of improper operations (such as using third-party tools for manipulation), it may trigger the platform's security mechanisms, resulting in the account being frozen.
5. C2C trading involves complex fund sources
In the cryptocurrency space, C2C trading involves personal cryptocurrency transactions with complex and hard-to-trace fund sources, which can easily lead to compliance and anti-money laundering (AML) risks. Platforms or banks may freeze withdrawals due to an inability to verify the legality or clear source of funds, so it is essential to ensure transactions comply with regulatory requirements.
How should we resolve the issue of withdrawal freezing?
Ensure completion of KYC verification: Before registering and starting to trade, be sure to complete KYC (Know Your Customer) identity verification. This helps avoid account freezing and ensures fund safety, making withdrawals smoother.
Choose a compliant exchange:
First, you need to register on an overseas compliant exchange, which usually requires you to provide an overseas residential address or identification materials. It is best to choose larger exchanges that rank higher globally to ensure your funds' safety. Here, choosing BiyaPay for remittance has the advantage of real-time conversion to deposit digital currency, which can be exchanged for the required fiat currency for withdrawal, with USDT converted 1:1 to USD.
No limit
Remittance and brokerage deposits and withdrawals have no limits; users can remit up to 3 million USD to Charles Schwab.
Excellent rate
Business accounts and personal accounts implement a tiered remittance fee structure, with fees as low as 0.5%.
Fast transaction speed
Supports multiple remittance methods and local bank withdrawals, basically achieving same-day remittance and arrival.
The advantages of using USDT to invest in US and Hong Kong stocks on BiyaPay
USDT is exchanged for USD at a 1:1 ratio
Supports real-time exchanges between digital currencies (such as BTC, USDT, etc.) and USD, HKD, where USDT can be converted 1:1 to USD, allowing users to easily convert USDT to USD, HKD, and deposit into major brokers, solving the pain point of difficulty in depositing into US and HK stocks.
No limits, more freedom in asset allocation
For US and Hong Kong stock accounts, there are no limits on deposits and withdrawals, with a maximum single transaction of 3 million and fees as low as 0.5%.
Deposit at Charles Schwab
Supports both ACH and wire transfer for deposits. During registration, there is no need to register a separate USD or HKD bank account; Charles Schwab provides customers with an ACH account for free, and ACH deposits to Charles Schwab incur zero fees.
Same-day remittance, same-day arrival
Online remittance is conducted by legitimate remittance institutions, basically achieving zero bank risk control, supporting local transfers in most countries or regions worldwide, with faster arrival speeds and higher efficiency, basically achieving same-day remittance and same-day arrival.
Withdrawal is more convenient
BiyaPay supports the conversion of fiat currencies such as USD and HKD into digital currencies, which can then be withdrawn on-chain to exchanges and sold to local bank accounts, achieving real-time withdrawals and solving investors' issues of bringing funds back home.
Pay attention to the clarity of transaction records: Transaction records should be clear and transparent, especially regarding the source and destination of funds. If the flow of funds is complex or unclear, the platform may request additional proof documents or even freeze the account.
Use platforms that support overseas bank accounts: Using platforms that support withdrawals to overseas bank accounts can ensure smooth funds flow into bank accounts and reduce the risk of freezing.
Finally, BiyaPay indeed has significant advantages:
1) Support for more than twenty mainstream fiat currencies and dozens of mainstream digital currencies for online real-time exchanges, with fast transaction speeds and no limits.
2) Deposit USDT to exchange for USD/HKD and withdraw to a personal bank account. Deposit to major brokers, fast arrival, no limits;
3) You can directly use USDT to invest in US/HK stocks;