😭 A veteran in the crypto world who once fell into pitfalls


In 2023, I just entered the crypto world and made my first bucket of gold—50,000 USDT—due to the surge of altcoins. Excited, I couldn't wait to convert this money into RMB. A friend recommended a small platform's C2C transaction, saying 'high exchange rate, fast arrival'. I randomly selected a 'high transaction rate' merchant who requested WeChat transfer.
Result: Three days later, my bank card was frozen. The bank's customer service coldly said, 'Suspected money laundering, you need to cooperate with the investigation.' That month, I visited the police station three times, submitted transaction records, chat screenshots, and even wrote a guarantee letter. In the end, the card was unfrozen, but the USDT was gone, and the money was gone.


After that lesson, I immersed myself in Binance Square and PTT forums, scouring all withdrawal strategies. I summarized three core principles: compliance, diversification, risk control.

  1. Compliance is the bottom line.
    Binance's KYC certification and the C2C trading area within the platform became my first choice. An experienced player told me, 'Don't be greedy for that 1% exchange rate difference; choose merchants with the 'yellow label', at least 5,000 transactions, and registered for over 2 years. It may be slower, but it's stable.' Now, every time I withdraw, I check the merchant's historical reviews and even added a few 'shield merchants' recommended by Binance customer service.

  2. Diversify operations to reduce risks.
    Large amount withdrawal? I learned to split it into 10 transactions, transferring 10,000 USDT to MAX exchange every week, then converting to TWD for withdrawal. Binance's 'batch withdrawal' feature saved me—though it cost me several dozen USDT in fees, I never triggered the bank's risk control again.

  3. Cold wallet + multi-signature, asset segregation
    I transferred 80% of my assets to a Ledger cold wallet and kept the remaining 20% in my Binance spot account. Before each withdrawal, I only use small amounts from the cold wallet. My friend laughed at me for being 'cowardly', but during the wave of exchange closures in 2024, he was the one crying the loudest.

Practical withdrawal—my two plans

Plan One: Binance → Taiwanese Exchange → TWD (suitable for small amounts)

  • Steps:

    1. Register at MAX exchange and bind to a Taishin Bank account;

    2. Withdraw USDT from Binance to MAX's BSC chain address (fee 0.8 USDT, arrives in 3 seconds);

    3. Place a limit order to sell on MAX and withdraw TWD with a fee of 15 TWD.

  • Advantages: Fully compliant, fast arrival;

  • Disadvantages: Exchange rate loss of about 1.5%, suitable for withdrawals under 100,000 NTD per month.

Plan Two: Binance → Kraken → Overseas Bank Card (suitable for large amounts)

  • Steps:

    1. Open a USD account with Hong Kong Zhong'an Bank;

    2. Transfer USDT from Binance to Kraken, convert to USD;

    3. Wire transfer to an overseas card, then convert to TWD 410.

  • Bloody experience:

    • In the wire transfer note, never write 'cryptocurrency transaction', fill in 'overseas investment income';

    • Do not exceed $50,000 per remittance to avoid triggering CRS review.

      Chapter Four: The Pitfalls That Nearly Sent Me Back to Prison

      • Pitfall 1: Offline Cash Transactions
        There was a time when a USDT trader asked me to meet at a convenience store, offering a 2% higher price. When I arrived, three tattooed men surrounded me, demanding to 'verify USDT', so I made an excuse to go to the bathroom and ran away. Later I heard someone was robbed of 200,000 USDT.

      • Pitfall 2: Quick In and Out
        Once I received a C2C payment, I immediately transferred it to my mortgage account, but it got frozen again. The bank manager privately said, 'Wait 24 hours before moving it, and the system won't flag it.'

      Chapter Five: Ultimate Advice for Newbies

      1. Always use a 'disposable card' to receive fiat currency
        I specifically opened a card with Yuanta Bank just for withdrawals and never kept deposits. Even if it gets frozen, it doesn't affect my life.

      2. Beware of 'off-market USDT rates'
        Those accepting USDT at 20% below market rate are 99% likely to be dealing with dirty money; those above market rate are 100% scams.

      3. Learn to coexist with risk control
        In March 2025, I had a TWD 70,000 withdrawal flagged for risk control. Calmly, I called the bank: 'This is my investment earnings from US stocks on Binance; do you need to see the trading records?'—it was unblocked that afternoon.


      Withdrawing from the crypto world is like walking a tightrope; one misstep could result in total loss. But with the right methods, it can also become a stepping stone to financial freedom. Remember: the essence of safe withdrawals is to exchange time for safety and processes for freedom. Let's encourage each other with all those in the crypto world!

      (This article represents personal experience and does not constitute investment advice. Crypto trading has risks; withdraw with caution.)


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