If you made 20 million by trading cryptocurrencies and now you want to sell it on the exchange to convert it to RMB
Many people say that for safety, they go to Hong Kong to cash out USDT, but there is not a single tutorial on the entire internet teaching you how to convert USDT from your wallet through Hong Kong into RMB that can normally be transferred back to mainland China.
Why is that? Why is such a simple tutorial impossible to write? It is basically impossible; what does basically impossible mean? It means retail investors and novices cannot do it.
Those who say it is possible generally just teach you how to apply for a Hong Kong bank card and then tell you to go to Hong Kong to cash out USDT. Because they simply want you to obtain a Hong Kong bank card, after all, it is quite nice to charge you a 3,500 fee for the service.
Once you have obtained the payment card, what’s the next step? That would be to apply for a Hong Kong phone number and register with a Hong Kong exchange?
You will find that obtaining a Hong Kong phone number requires address verification, and registering on the exchange requires a phone number and overseas KYC identity verification. You have nothing, so others will tell you to register on an HKD exchange.
There are only two compliant exchanges in Hong Kong that can operate normally: one is OSL and the other is HashKey. If you have been to Hong Kong and physically inspected the locations in those promotional photos, you will find they are unreliable. Of course, those so-called BTC ATM machines have long since ceased to exist or their functions are incomplete.
On the other hand, for some HKD exchanges, you will find either no one is buying on OTC listings. When you try to withdraw, customer service will tell you it is black USDT and cannot be withdrawn, always getting stuck, and even there is no way to resolve it.
How to avoid bank risk control when making large withdrawals? 🏦
First, we need to clarify that in many countries abroad, trading cryptocurrencies is a legal investment activity. This means that the money you earn in the crypto space is not illegal income.
If you want to withdraw your funds without worries, first you can transfer USDT from the exchange to the electronic wallet #biyapay , and then exchange it 1:1 into US dollars or other fiat currencies within #biyapay , and finally withdraw it to banks like Wise or OCBC, and directly remit it back to your mainland bank card or Alipay/WeChat.
By completing these actions, our costs are just paying some handling fees and exchange losses, which can legalize the funds and safely secure your cryptocurrency trading profits.
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