In the cryptocurrency world, do you think you can just find any buyer to cash out?
Wrong, that's a big mistake. You may have sold the virtual currency and received the money,
but the consequence of simply selling virtual currency is that nine out of ten bank cards will be frozen.
Once your bank card is frozen, in order to lift the freeze, the public security authorities will require you to provide evidence to prove your innocence.
To provide evidence of a legitimate transaction, you must do the following before cashing out virtual currency:
First, how much do you know about the buyer? This is often a question from the public security authorities. Cryptocurrency transactions are not like buying and selling goods; you must fulfill your duty of reasonable due diligence. Review the other party's account information and bank statements before the transaction. If the source of funds is unclear, you must refuse the transaction. Don’t think of it as an opportunity to profit by trading with just anyone.
Second, promptly retain the relevant chat records of the virtual currency sale to reconstruct the transaction process.
Third, promptly take screenshots of the trading orders from the exchange and save them. Exchanges only keep transaction orders for six months, and after that period, the transaction orders cannot be retrieved, which is very disadvantageous for proving your legitimate transactions.
So be sure to download and back up your virtual currency cash-out order records in a timely manner.
Remember to follow the above processes carefully; otherwise, you may face a frozen bank card and lost money, or even be implicated in aiding and concealing a crime, which could lead to imprisonment.