Is it illegal to make 10 million in crypto trading in the Dragon Country? How to smoothly withdraw and cash out after making money? This safety withdrawal guide is a must-know for you!
Today, let's talk about the issue that everyone is concerned about in the crypto world: how to legally and compliantly convert the cryptocurrency you hold into fiat currency for withdrawal.
This is a big concern for everyone in the crypto world! Of course, the premise is that your virtual currency is obtained through legitimate means.
1. There are mainly 3 legal ways to withdraw.
1. Withdraw directly through the exchange.
This is the most common and convenient way; mainstream exchanges (such as Binance, OKX, etc.) support converting virtual currency to fiat currency and directly withdrawing to bank cards or third-party payments (Alipay, WeChat) etc.
Operational steps:
Complete KYC real-name authentication and bind your bank card.
Submit relevant information as required by the exchange to ensure smooth withdrawals.
2. Withdraw from overseas bank accounts.
If you have business dealings abroad or frequently engage in cross-border transactions, you can choose to open bank accounts in places such as Singapore or Hong Kong.
Convert cryptocurrency to USD or other foreign currencies in the exchange.
3. P2P off-exchange trading.
The P2P market within exchanges also provides safe withdrawal channels. Here, choosing reliable merchants is crucial.
Selection points:
Registered for more than two years.
Higher transaction volume and success rate.
User reviews are good.
Real-name accounts must be used for payments to avoid transaction failures due to information mismatches.
2. How to avoid the bank's 'risk control minefield'?
The bank's anti-money laundering system is highly sensitive to large amounts of money, so the following tips are needed:
1. Withdraw in batches.
Try to control each withdrawal amount within 100,000 yuan and operate in batches.
2. Keep the account active.
Regularly use bank cards for small purchases or savings.
3. No quick in and out.
Avoid 'quick in and out' operations, that is, transferring funds immediately after they arrive.
3. What to do if you are subject to risk control?
Handle calmly and actively appeal.
If the account is under risk control, contact bank customer service immediately to explain the legality of the fund source.
Prepare the transaction records and withdrawal records from the exchange.
Make sure to keep all records of cryptocurrency transactions during regular trading.
This is an important basis for proving the legality of funds.
4. Key Summary: Safety rules for withdrawing funds in the crypto world.
Legality and compliance are the bottom line: the source of funds must be clear and legal, and avoid touching gray areas.
Choose reliable channels: whether it's an exchange or a merchant, reputation comes first to avoid unnecessary losses.
Plan the withdrawal rhythm: operate in batches to avoid risks caused by large transfers.
The money earned through hard work in the crypto world must be withdrawn safely and legally into your own pocket.
Conclusion
Making money is more about keeping the money! Learn with Yuanbao, not only providing you with reliable withdrawal operations but also insights into the market, hot analysis, basic and technical analysis, guiding you to see the trends and directions in the crypto world! Let every cent of your assets maximize its value!
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