Recently, some newcomers asked why Binance and EBpay are both used for storing and selling U, yet some people still mention selling in the Binance area? What are the differences between the two?
What exactly is the difference between Binance and EBpay?
Binance - the largest cryptocurrency exchange in the world, equivalent to 'Wall Street' in the crypto circle. Various mainstream coins and new coins take pride in being listed on Binance, with users all over the world. Former CEO Zhao Changpeng was even the world's richest person (albeit temporarily). It has strong professionalism and many features, but it might be a bit complex for newcomers.
OKX - mainly used by domestic players, operations are more in line with local habits, and is friendlier for beginners compared to Binance, but overall strength and influence are still not as strong as Binance.
EBpay - officially claims to be a 'wallet', but in reality, it is a platform specifically serving the black and gray market. Its platform coin EB is pegged to the RMB, but can only circulate within its own system, similar to Q coins, and no one recognizes it outside.
You can exchange EB for RMB, or recharge to certain 'gaming' platforms.
It can also be exchanged for USDT and withdrawn, but it is not a real exchange and cannot buy or sell other coins.
Withdrawals require review, and often cooperate with dog dealers and black users' assets, which is completely different from Binance.
Unreliable! Trouble will come sooner or later!
1. Trigger the exchange's risk control
Many withdrawal addresses from various 'platforms' are marked as 'risk addresses', and if you withdraw to Binance, you could be directly subject to risk control.
At best, your account will be frozen for a few days; at worst, it could be frozen for half a year or even reported to regulatory authorities by the exchange.
2. Card freezing issues
Do you think selling U from an exchange is safe? Your card can still get frozen!
Card freezing at exchanges is a matter of probability; some people sell 10 times without issue, while you might get frozen after selling just once, purely a matter of luck.
EBpay can freeze cards, and exchanges can freeze cards too, but the probability is just slightly lower.
Is it possible to exchange U for Hong Kong dollars and then for RMB?
The ideals are rich, but reality is thin!
Many people have heard that 'Hong Kong channels are safe', but when they actually try it, they find a lot of pitfalls:
It's easy to get a card in Hong Kong, but exchanging currency is difficult; personal foreign exchange quotas are limited (USD 50,000 per year), and exceeding that requires tax proof. Withdrawing cash from Hong Kong cards in the mainland also has restrictions, and frequent operations can still trigger risk controls.
Selling U at the Hong Kong exchange? It's not that simple!
Using a bank? The limit is insufficient. Trying to exchange with a 'channel dealer'? You may still receive black money and your card could get frozen! Many platforms require Hong Kong identity verification (KYC), and mainland users may be directly rejected upon registration. Even if successful, after selling U for Hong Kong dollars, how do you convert it back to RMB?
Offline cash transactions! Be aware of these pitfalls:
1. Confirm the transaction counterparty
The person you meet must be the same as the one you chatted with online, otherwise it could be a 'triangular scam' (an accomplice takes the money and runs, and reporting it to the police won't help).
2. Be cautious of the 'test U' scam
If the other party asks you to scan a QR code to 'test U', it might be an authorization code, and you could lose your coins!
3. Bring more people to prevent robbery
Some people really receive coins without paying, or even directly rob you, don't trade alone!
4. Cash could also be black money
If the cash given to you is fraud money, you could still be held accountable!
The safest way? Either hold and not sell, or find absolutely reliable channels! These articles by Ning Jie have written about this in the past, interested readers can check them out.
(Remember, making money in crypto is not easy, don't let the withdrawal process ruin your profits!)
