Brother, making a million from trading coins is impressive! But don't celebrate too early; the hardest challenge may just be starting - how to safely turn this 'paper wealth' into real money in your bank card? If this step goes wrong, at worst, your bank card gets frozen, and you see the money but can't touch it; at worst, you could get into serious trouble, even end up in jail! This is not to scare you; it's a bloody reality.
Many people think: isn't this simple? Find a buyer, negotiate a price, transfer the coins to him, and the money hits my card, done! Wrong! Such a simplistic and crude operation often leads to: your bank card being frozen by the police!
Why was your card frozen?
The police froze your card for one core reason: suspicion that this money is 'dirty'! Cryptocurrency transactions can easily become a 'drain' for money laundering, fraud, and illegal fundraising. If the person buying your coins has money that was stolen, scammed, or obtained through illegal activities, once that dirty money hits your card, your card will be immediately targeted and frozen as a 'related account'!
The card is frozen, and then what? Want to unfreeze it? Difficult!
At this time, what will the police ask you to do? To 'prove your innocence'! You need to provide solid evidence to prove:
What you are selling is indeed legitimate virtual currency (for example, what you mined yourself, bought from an exchange, or earned from normal investments).
The person buying your coins has clean money!
Your transaction with him is a real, legal sale, not you knowingly helping to wash dirty money!
Here comes the question: what do you have to prove?
The police will not listen to you saying 'I am a good person' or 'I don't know'. They will ask very specific questions:
"How much do you know about this buyer? Who is he? What does he do?" You ask and know nothing? It's over.
"How do you know the money he transferred to you is fine? Have you seen his bank transaction records?" You haven't seen it? Why trust him?
"How did you negotiate this transaction? Is there a record?" Just verbal communication? Not enough!
"Where are the transaction records? Where are the screenshots of the orders on the platform?" You say the platform can't find it? It's expired? That's even more troublesome!
Therefore, the core of safely withdrawing funds is to prepare these 'proofs' before and during the transaction! This is not a hassle, it's a life-saving talisman!
How to proceed? Take it step by step, and not skip a single one!
You must dig deep into the buyer's background! And dig seriously!
Don't just look at the high price! A price that is absurdly high often has problems! There's no such thing as a free lunch.
Check his account: Is it an old account that has been used for a long time, or is it a newly registered small account? Are there many transaction records? How are the reviews? (If trading on a platform, this information is very important).
Look at the bank transaction records (most crucial!): Be sure to ask the buyer to provide recent (for example, 1-3 months) bank transaction screenshots! Focus on:
Where did the money for buying the coins come from? Is it salary? Legitimate business income? Or did it suddenly transfer from another unknown account?
Is his account's transaction flow normal? Are there frequent large or small amounts with quick in-and-out? If the transactions look chaotic and obviously abnormal, never trade!
Is the name on the payment account consistent with the person you're negotiating with (or the platform verification information)?
If it feels wrong, withdraw immediately! The other party is hesitating to show transaction records? The records look suspicious? Or you just have a nagging feeling of insecurity? Don't hesitate, terminate the transaction immediately! Safety is a thousand times more important than earning a few thousand or tens of thousands! Don't be penny wise and pound foolish!
Keep chat records throughout! Don't delete a single word!
From the moment you start negotiating the price and how to trade, save all chat records (WeChat, QQ, Telegram, platform chat boxes, etc.)!
The process of negotiating the price, confirming the transaction method (how will the other party transfer the money? Where will your coins be transferred to?), asking the other party to provide transaction records, the other party providing transaction records, confirming records of transaction completion... None of these key points can be missed!
These records can fully restore the entire transaction process, proving that this is indeed a normal sale and not some shady dealings. In case something goes wrong, this is your important evidence of being 'unaware'.
Transaction order, take a screenshot immediately! Save it permanently!
Whether it’s in the OTC (over-the-counter) area of an exchange or on other platforms, the moment the transaction is successful, immediately! Right away! Take a complete screenshot of the entire order details page and save it!
Why the rush? Because many platforms (especially some exchanges) only keep transaction records for about six months! After this time, the system automatically deletes them, and you can't retrieve them anymore! If your card gets frozen half a year later because of this transaction, how will you find evidence? Sorry, it's gone! You won't be able to clear your name even if you jump into the Yellow River!
Screenshots must be clear and complete, including: transaction time, transaction amount (the amount in fiat and cryptocurrency), both parties' account information (at least the platform ID), transaction status (completed), order number, and other key information. It's best to save it to your computer, cloud storage, or even print a physical backup for multiple layers of insurance.
Don't think it's a hassle! These steps are your 'amulet'!
What are the serious consequences of not doing these?
At worst: bank card frozen. The money inside is inaccessible, making life a problem. The unfreezing process is extremely long and painful; you have to run to the bank, run to the police, explain again and again, and it might not even be unfrozen. You could just lose the money.
At worst: suspected of committing a crime! If you knowingly trade with someone whose money has issues or if you fail to fulfill your due diligence, unintentionally helping criminals wash money, then the crime is serious! 'Assisting in activities related to internet crime' (assisting crime), 'Concealing or disguising the proceeds of crime' (concealment crime) - these are not to be taken lightly; they are criminal offenses! You could be sentenced to prison! By then, don’t say the million you earned is gone; you might lose your personal freedom for life!
In summary:
Making a million from trading cryptocurrencies is a skill, but safely putting that million into your pocket is the real skill! Withdrawing funds is not the finish line; it's a minefield! Knowing the buyer, keeping good records, and saving orders are the only pass to safely cross the minefield. Don't look for shortcuts, don't rely on luck, follow the rules, and steadily secure your money to become the real winner! Otherwise, no matter how much you earn at the front, in the end, it could all be in vain or even a nightmare! Remember, remember!
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The market is quiet, retail investors lack confidence, and exchanges are also troubled, but the more it is like this, the more opportunities are brewing. Be patient and wait for the wind to come; instead, rely on discipline and risk control to survive to the end.