Recently, I often hear friends in the cryptocurrency circle mention that purchases and withdrawals have led to conversations with the hat uncle, and even penalties. Especially since the implementation of the anti-telecom fraud law in the mainland in December 2023, with stricter penalties starting in December 2024, patiently reading this article may be helpful for you!

Common methods used in the mainland:

1. Purchase with Bank Card

This method mainly targets large amounts and is the easiest to be exploited by criminals. Currently, major exchanges do not have strict audits for new merchants, and many criminals purchase others' identity information and bind bank cards to merchants.

Regarding bank card purchases, criminals will lure victims to register on relevant exchanges, using excuses of investment and financial management to get victims to recharge a certain amount of white assets U into the exchange and then transfer it to the criminal's wallet through the exchange account. When you purchase a large amount of U from the other party via C2C bank card, they will claim that due to the large purchase volume, it needs to be transferred to different receiving accounts. At this point, the criminal will inform the victim that the investment has obtained rebates and needs to receive payments via bank card, using this method to launder the funds. However, you, as the currency purchaser, get caught in the criminal cycle; of course, this also depends on whether you are aware of the other party's actions. For such cases, if the recipient's information does not match the merchant, refuse the transaction; if the transaction has already occurred, be sure to keep records of the transaction chat.

As shown in the image: 1 is the criminal, 2 is the victim, 3 is the exchange, 4 is the buyer

2. Purchase with Alipay and WeChat

These two areas of purchase mainly target small amounts. I have tried purchasing through Binance C2C Alipay and WeChat several times. The merchants on Binance are simply bottomless; they use Alipay Xiaohuo Wallet, code red envelopes, WeChat group red envelopes, etc., which can be summed up with the word 'chaotic'! This behavior is somewhat akin to the saying 'there’s no silver here', and one can only say that everyone has their own opinions. Of course, in mainland China, if U merchants have a turnover exceeding 2 million RMB, it may constitute illegal business operations, and some merchants might try to avoid such situations.

To avoid being invited for a conversation by the hat uncle, it is recommended that everyone refrain from using Alipay Xiaohuo Wallet, code red envelopes, WeChat red envelopes, and transfers, as WeChat payment conditions are looser. If you must use Alipay to purchase, ensure to save the chat records before the transaction and verify the other party's identity information before making the transfer.

PS: When purchasing, pay attention to the merchant's registration time and transaction volume; if the registration period is short and transaction volume is low, it is not advisable to trade with such merchants. It is also recommended that platforms conduct thorough audits and checks, and it is advisable to set up a payment transaction receipt upload and enable facial recognition for merchant transactions to effectively ensure consistency between the merchant and the operator. #C2C入金