When you make money in the bull market and want to withdraw a small profit, you may encounter "black money" transactions if you are not careful. Not only will your bank card be frozen, but even more troublesome legal problems may ensue. Those who have suffered losses in the past probably don't want to repeat the same mistakes.
So, how can you withdraw your money without any risk? Today, I will share with you several legal and safe ways to withdraw money, helping you avoid potential traps and ensure the safe circulation of your assets.
Hong Kong licensed crypto exchange + brokerage firm exchange, the safest compliance channel
Cryptocurrency exchanges in Hong Kong have been approved by the Hong Kong Securities and Futures Commission, becoming compliant and legal platforms. Through these platforms, you can exchange USDT for BTC, ETH, or other fiat currencies (such as HKD or USD), and then easily transfer to a bank account in Hong Kong.
Advantages:
Fully compliant, avoiding risks of dirty money and frozen funds.
Funds are credited quickly, no need to wait too long.
Disadvantages:
It may be somewhat difficult for mainland residents to open accounts directly, and they may need to seek help from overseas relatives and friends.
Small operations may require you to go to Hong Kong in person to complete the relevant procedures, which is quite troublesome.
BiyaPay wallet withdrawal: easy withdrawal, safe and worry-free.
If you want to smoothly withdraw coins without worrying about fund security and compliance issues, BiyaPay wallet is a reliable choice. First, BiyaPay has a legal license in the United States, ensuring safety, definitely giving you peace of mind.
Once you transfer USDT to the BiyaPay wallet, you can easily exchange it for US dollars or other fiat currencies, and then transfer it to a bank account like Wise or OCBC for withdrawal.
Wise:
With Wise, you can directly transfer US dollars back to domestic Alipay, WeChat, or state-owned banks. Although there is a limit each year, it is super convenient to operate, simply a magical tool for cross-border remittance.
OCBC 360 Account:
If you can open an OCBC 360 account, it will be even more convenient, allowing you to directly withdraw US dollars domestically, and there is no limit of USD 50,000, making withdrawals worry-free and you can get your money anytime.
Of course, like all cross-border transfers, there may be a small handling fee in the process, and the exchange rate may slightly lose out. But considering that the funds are 'clean' and the transactions are transparent, you really don't have to worry about being frozen or facing issues with unclear sources of funds.
Large platform OTC trading: simple and quick but be cautious in your choices.
OTC (over-the-counter) services provided by leading exchanges like Binance and Huobi allow users to conveniently sell USDT for cash. However, despite the convenience of this method, if you're not careful, you may encounter money laundering transactions, resulting in frozen bank cards or funds being processed by judicial authorities.
Suggestions:
Be sure to verify the credibility of the trading counterpart in advance and choose certified merchants to reduce risks.
U-card cash withdrawal: simple and convenient, but be careful of service interruptions.
U cards (such as MasterCard, UnionPay) can be used to exchange for cryptocurrency assets and can be linked to payment tools like WeChat for consumption. This method is relatively safe, especially convenient for small fund transfers.
Risk:
Some U-card service providers may suddenly stop services, leading to funds in the card being unable to be withdrawn.
Be especially careful when choosing a service provider to avoid unreliable intermediaries.
Exchanging U through U merchants: high-risk channel, need to be especially cautious.
Exchanging U through U merchants is similar to OTC trading, but this method carries greater risks. You may encounter 'dirty money transactions', leading to frozen funds or even being investigated by judicial authorities.
Suggestions:
Never trust false advertisements like 'frozen card guarantee' or 'frozen card compensation', and be sure to work with trustworthy partners to ensure transaction safety.
Off-line exchange of U-coins in Hong Kong: suitable for small amounts, ensure to choose legitimate shops.
In Hong Kong, some physical stores offer U-coin exchange services, usually these shops do not require personal information registration, suitable for small transactions (usually not exceeding HKD 120,000).
Advantages:
The process is simple and cost-effective, making it very suitable for small exchanges.
Risk:
You may encounter unreliable merchants, so it is recommended to choose established shops that have been in business for many years to ensure transaction safety.
Although the above methods are all legal channels, each method has varying degrees of risk. There is no method that is absolutely risk-free, all 'withdrawal' channels may face issues like frozen funds, money laundering transactions, etc. Therefore, be sure to choose carefully to avoid irreparable losses due to momentary negligence.
