After earning 1 million in the crypto world, are you ready to secure it? There are many ways to withdraw, and a moment of carelessness can lead to pitfalls! This withdrawal guide is essential for beginners —
1. Offline withdrawal in Hong Kong: There are techniques for on-site operations
Operational process: Go to Hong Kong in person, find a local legitimate currency exchange point to convert USDT and other crypto assets into HKD/RMB.
Key reminders:
Small amount dispersion: Don’t exchange large amounts all at once; do multiple small operations to reduce the likelihood of being focused on by regulators;
Choose reliable merchants: Prioritize currency exchange stores that have been operating for over 3 years with good reputations. Check store reviews and transaction records; avoid 'black shops';
Cash safety: After exchanging, try to deposit it in the bank. Avoid carrying large amounts of cash across borders as Hong Kong customs has restrictions on cash carrying limits (exceeding this requires declaration) to avoid unnecessary trouble.
2. Withdrawal with overseas bank cards: Compliant but requires advance planning
Operational steps: Transfer USDT from Binance/OKX to compliant platforms like Kraken or Coinbase, convert to USD, then withdraw to overseas bank cards (like ZhongAn Bank in Hong Kong, HuaMei Bank in the US, etc.), and then flow back through cross-border transfers and card consumption.
Precautions:
Apply for a card in advance: Overseas bank cards need to be applied for 1 - 2 months in advance. Prepare identification and proof of address (like utility bills). Some banks have requirements for the account opening funds (for example, ZhongAn Bank requires a deposit of 10,000 HKD to activate);
Handling fees & exchange rates: Cross-border transfer handling fees (charged by banks, tens to hundreds of dollars per transaction) and exchange rate differences (platform exchange rates are often lower than real-time rates) will eat into profits, so calculate clearly before operating;
Compliant use: Avoid frequent large transfers with overseas bank cards, and do not involve funds from sensitive countries/regions, otherwise the bank will freeze your account, and unfreezing is very troublesome.
3. Withdrawal through C2C platforms: Flexible but high risk
Operation method: Use the C2C trading area on Binance and OKEx, find merchants with real-name verification and high credibility (many transactions, good review rate above 98%), exchange USDT for RMB, and the merchant will transfer money to your bank card/Alipay.
Key points to avoid pitfalls:
Don't touch offline & cash: Firmly reject 'offline meetings' and 'cash transfers'. Scammers often use this trick to abscond with funds or lure you into receiving dirty money, leading to your bank card being frozen;
Choose the right payment method: Prioritize merchants with 'Alipay / WeChat real-name accounts' and 'local bank cards (same province and city)'. Avoid 'out-of-town cards' and 'corporate accounts' as they may trigger bank risk control;
Batch transactions: Don’t transfer 1 million all at once, split it into 10 - 20 times, each time 50,000 - 100,000, with an interval of 2 - 3 days, to avoid large single transactions being monitored by banks;
Keep transaction evidence: Save C2C order screenshots, chat records, and transfer records. In case your bank card gets frozen, these are key pieces of evidence to prove 'legitimate income'.
4. 3 major pitfalls to avoid when withdrawing funds, touching them will lead to disaster!
Bank card frozen: After withdrawal, suddenly receive a call from the bank saying 'transaction abnormal', and the account is frozen! Reason: The merchant's funds involve gambling/fraud, and your card is implicated.
→ Solution: Bring transaction records and ID to the bank to explain the situation, proving it is 'legitimate income from the crypto world' (some banks may not recognize this and might confiscate the funds directly…)Targeted by the tax bureau: After withdrawal, receive a 'tax audit notice' demanding back taxes! Income from the crypto world is classified as 'capital gains' in the country, requiring a 20% personal income tax (200,000 on 1 million).
→ Response: Keep records of trading activities (buying time, price, quantity) to prove 'long-term holding' (holding for over 1 year may reduce some taxes, specifics depend on local policies), or consult a professional tax planning agency.Platform absconding / frozen coins: Just transferred USDT to the platform, preparing to withdraw, but the platform goes into 'maintenance' or 'absconds', and the coins cannot be withdrawn!
→ Prevention: Only use top platforms like Binance and OKEx; avoid small platforms; confirm the platform's 'withdrawal function is normal' before withdrawing, and conduct small batch tests (first withdraw 100U to test).
5. Ultimate advice: 3 small tips for safe withdrawal
Small amount testing: Regardless of the method, first withdraw 1000 - 5000U to test and confirm that the process is fine and the funds can be credited before making large withdrawals;
Diversified channels: Don’t use a single channel for the entire 1 million; split it into Hong Kong offline (30%), overseas cards (30%), and C2C (40%) to reduce risk;
Long-term planning: Don’t withdraw 1 million all at once; spread it out over 6 - 12 months, withdrawing 80,000 - 150,000 each month to avoid being a 'key focus' for regulators.
In the crypto world, safety > speed! Don’t rush and risk the hard-earned 1 million. Follow the strategy step by step; only when the money is in hand can you consider it truly earned!
(Reminder: Domestic virtual currency transactions are not protected by law, and withdrawal risks are borne by the individual. This article shares experiences only and does not constitute investment advice.)
