During a downturn, I encountered a situation where my bank card was frozen while cashing out digital currency (USDT). After contacting the bank, I learned that the account was frozen due to criminal investigations from another location. The staff provided me with a contact number. Upon calling, the local police asked about my relationship with the currency selling merchant. I explained truthfully that I was engaged in cryptocurrency trading, and this money was from selling USDT. They stated that the merchant was involved in telecom fraud, and the funds in question had flowed into my account, hence the freezing of my account. In such situations, I can only be sincere and honest — after all, I am innocent, and the funds are legitimate earnings; I just unfortunately encountered a problematic merchant.
Actually, this is not the first time something has gone wrong. I was previously entangled when withdrawing funds and just completed a bail application. At this point, I will at least be recognized for aiding and abetting. More worrying than the potential punishment is the legacy of a criminal record, which can impact several generations. Looking back, it is truly lamentable: I had only been depositing without withdrawing, almost always facing liquidation, and finally managed to break even during the price rise in January. I thought about withdrawing most of the funds and leaving a little for fun, but I did not expect such a big issue to arise during this withdrawal. In my own words, it’s like 'losing money and facing liquidation nobody cares, but finally making money brings trouble.'
As the New Year approaches, I have organized a few methods for cashing out for everyone's reference:
First, cash out through Binance C2C. When choosing an exchange, prioritize Binance and avoid riskier platforms like 'European something' that have more dirty money. Strictly review the merchants: they should have been registered for at least 2 years, the more total transaction orders, the better; a moderate number of transaction orders in the last 30 days is ideal (too many may indicate frequent trading, which is relatively risky). During transactions, ensure that both parties complete real-name payments through the exchange, eliminating offline cash transactions or opaque channels like Telegram.
Secondly, use BiyaPay (important to note). You can first transfer USDT from the exchange to your BiyaPay e-wallet, then convert it 1:1 into USD or other fiat currencies within the wallet, and finally withdraw it to banks like Wise or OCBC. Ultimately, you can directly remit it back to your mainland bank card or Alipay, WeChat. The main costs of this method are handling fees and exchange losses, but it can legalize your funds, ensuring that the profits from trading cryptocurrencies are safely deposited.
Lastly, there is offline trading; try to choose people you are familiar with. Human nature is complex, and offline trading carries many risks. You must prepare for the worst — if you encounter dangerous situations like robbery, prioritize your own safety and do not resist.
Ultimately, the risks in cryptocurrency trading are hidden, especially in the flow of funds, and a slight mishap can lead to trouble. I hope everyone operates cautiously to avoid repeating past mistakes.
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