Those retail investors in the crypto circle who claim to have made tens of millions and achieved financial freedom are 100% bragging because they must involve themselves in their monetization process. Now the withdrawal model is becoming increasingly refined and is easy overseas. However, returning to the mainland is basically blocked.

After a few months of running in a new direction, today I will detail how to withdraw funds.

Currently, only Binance and Kraken support withdrawals with mainland ID cards and passports. Kraken allows direct withdrawal of USD via ACH to a US bank account, but requires US address proof and tax ID.

Additionally, withdrawing Hong Kong dollars does not affect transactions; Hong Kong has no restrictions, and only the transfer of Hong Kong dollars back to the mainland is subject to the $50,000 limit. If it exceeds the limit, then use the Hong Kong card for domestic ATM withdrawals, which do not count against foreign exchange limits.

The withdrawal fee for Hong Kong dollars is: exchange withdrawal of Hong Kong dollars ➔ Hong Kong card receipt ➔ same-name transfer to domestic or ATM withdrawal in China. This is currently the most convenient and low-loss safe withdrawal method, and all fees combined will not exceed 1%.

The same applies to small amounts; for large amounts, it may still be more reliable and safe to withdraw through third-party licensed Hong Kong law firms or trust companies quickly.

In fact, those who claim overnight financial freedom in the crypto circle are not wrongfully convicted; they are shot first and sentenced later.

Currently, this type of trust/custody service is only available to customers with other passports or third-country identities, according to trust compliance regulations.

Currently, we do not accept applicants who solely hold a Chinese passport and have no third-party overseas permanent residency status or passport to manage digital assets without protection, similar to how pure Chinese passport holders cannot buy Bitcoin funds with HK brokers.

Simply having a mainland passport is not enough; you also need an overseas permanent residency status or a third-country passport.

For withdrawing USD, professional matters should still be handed over to professionals.

The general establishment fee + fixed annual management fee = several tens of thousands of dollars, so you don't need to consider it if you clearly see how much money you have.

So, $2 million USD is a threshold.

Cryptocurrency trust deposit and withdrawal recognized assets: USDT, BTC, USDC, NFT; other niche ones will not be mentioned here, mainstream conversion currencies are USD or EUR.

This trust custody account is similar to some regulatory custody accounts in law firms; it does not actually manage client assets or investments but merely collects client assets, which are then transferred out based on client instructions and actual situations.

Independent trust takes a bit longer; clients need to open a dedicated corresponding bank account handled by the trust company, while the trust custody account is ready.

Currently, mainland Chinese ID cards cannot be used for transactions, so you need an overseas bank account to trade, which is another industry. Therefore, many intermediaries for card applications have emerged.

To apply for a Hong Kong card, you need to handle the Hong Kong-Macau pass and endorsements, which is now very convenient.

There are two types of Hong Kong cards: virtual banks and physical banks. The virtual one only needs to be located in Hong Kong to process, and you must handle Zhaoan Bank while Tianxing is optional.

Among physical banks, Bank of China, HSBC, Standard Chartered, and China Merchants Yonglong, the advantage of Bank of China and HSBC is that global same-name account transfers are free, which is very useful when transferring back to the mainland after withdrawal.

All banks require ID cards, Hong Kong-Macau passes, and entry receipts. Bank of China will also check address proof (such as utility bills, credit card statements with specific addresses and personal information), bank statements. Standard Chartered, HSBC, Bank of China, Citibank, East Asia, Hang Seng, and Hua Qiao have zero threshold, no deposit amount requirements, no mandatory purchase of financial products or insurance, no queues, and require going to Hong Kong.

Of course, all problems in this world have solutions, but it requires money, such as Hong Kong investment immigration, which can use virtual currency for net asset verification!

In addition to Hong Kong, there is a project called Salvador passport immigration (you send Bitcoin to this country's wallet), and you only need $50,000 to obtain identity, similar to immigration intermediaries.

If you want to withdraw funds freely, it is possible for big players, but not for retail investors, so newcomers basically don't need to consider it.

In summary, the only channel for withdrawing funds domestically is: exchange withdrawal → overseas bank card or third-party payment receipt → transfer back to domestic card for currency exchange or withdraw cash using an overseas card at a domestic ATM.