1. OTC is a common topic in the crypto circle. Today, I will share how I withdraw funds with low risk. This article is not technical; it is purely informative. The withdrawals are in USD, but they can also be used for consumption in mainland China.
Applicable scope: Up to 2 million USD, mainland KYC, suitable for lazy people who do not like to go out.
2. Many people recommend paxos, crypto.com, and nexo. They are not bad, but I am relatively lazy. Sometimes, just filling out the utility bills and tax records is quite a hassle.
3. Preparation work: bn, online Huamei Bank Velo. Many people don't know that USD can actually be transferred; official wire transfers are safe and secure. bn and Huamei Bank fully support mainland KYC, and applications for Huamei Bank can be completed entirely online without going out.
4. The process is very simple: deposit USDT or other tokens into your own bn account, then exchange them for USD trading pairs. I personally recommend using the USDT/USD trading pair, as the depth is relatively sufficient, and converting up to $1.5M in one go shouldn’t be a problem.
6. After activating the first withdrawal, make sure to apply for a physical VISA card in the Velo app. The card production and mailing time takes about 1 to 2 months. After getting the VISA card, you can link it to Alipay or use it directly. You can easily spend USD domestically, with real-time exchange rates. This solves both the withdrawal issue and the concern of having the card frozen.
