I made a considerable amount of money in the crypto world. If I withdraw, will the bank question the source of the money?
If the amount is too large, they will definitely ask. I've been questioned three times.
I initially traded in Bitcoin; now that platform is gone. At that time, Bitcoin was only $2500. I was doing e-commerce and had quite a bit of cash on hand.
Later, it unexpectedly rose directly to over $7000, and I withdrew money. At that time, there wasn't much regulation, and the bank still asked. I answered the phone, and they asked various questions for a long time, about how many acres of land I had, how many cows I owned, what my name was, where I came from, and where I was going, chatting away.
In the end, they popped out with: "Sir, we have a particularly good financial product; you might want to consider it..." I was stunned.
Later on, they weren't so polite anymore. I've heard there have been many cases of frozen cards, and I took many precautions. In recent years, I've only had my card frozen once. I could just go to the counter to unfreeze it.
Actually, to summarize, as long as you don't touch USDT, there shouldn't be any issues. There is a lot of dirty money involved in that. Funds must be cooled down. Another thing is it's best to convert to US dollars, and then wire the dollars directly to a foreign currency account. This is the best way. Because it has already detached from China's financial system, and the domestic and foreign financial systems are isolated. The dollar appreciation cycle also provides additional benefits. I've made large withdrawals more than ten times without any issues. I can also directly spend overseas.
Here's a secret for everyone: foreign trade company accounts can bypass foreign exchange control bugs. So, acquiring a mature foreign trade company makes trading cryptocurrencies much easier. You can also do cross-border arbitrage.
I'll answer some questions that many have privately messaged me:
1. Why acquire foreign trade instead of doing it yourself?
It's mainly troublesome, and it's best if the foreign trade account has a mature transaction history.
2. Does the foreign trade company have to have performance? Can it just trade cryptocurrencies?
It's best to have some transaction flow.
3. How much profit can be made from cross-border arbitrage?
This mainly depends on the price differences between various exchanges.
4. Will there be losses?
It depends on market fluctuations; generally, you won't lose. Arbitrage can be completed in a few minutes. Of course, sometimes exchanges process slowly, and if the market fluctuates too much, there might be problems, but such situations are very rare.
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