Paying attention to the following points can effectively prevent your card from being frozen due to receiving black money.
(1) For OTC transactions, try to choose large platforms such as Binance. These platforms have better communication channels and risk control measures with mainland regulatory agencies and law enforcement agencies.
(2) Try to choose an OTC platform that supports T+1/T+2 withdrawal strategies. Although you cannot withdraw cash immediately after selling coins, it reduces the risk of money laundering through OTC transactions. For example, Binance T+1 and Huobi Strict Selection Trading (compared to free trading, T+2 withdrawal).
(3) Avoid directly using stablecoins such as USDT for OTC transactions. Instead, try to use mainstream currencies such as BTC and ETH for OTC transactions.
(4) The bank card used for OTC transactions must be a separate card that is not used on a regular basis and must be separated from salary cards, etc. This way, even if it is frozen, it will not affect the use of other funds. It will also be easy to explain the flow of funds when cooperating with an investigation.
(5) Bank cards used for OTC transactions should be issued by local banks as much as possible, such as city commercial banks and rural commercial banks in various places. Large and medium-sized joint-stock and commercial banks such as ICBC, ABC, CCB and CCB have branches all over the country, so law enforcement agencies can basically freeze their cards directly.
(6) Do not trade frequently with fixed merchants or fixed users. If the same user makes more than three indirect purchases in one day, or sells the goods a few hours after buying, it is very dangerous and may be suspected of money laundering.
(7) Find reliable OTC merchants to trade with. Try to take orders from large merchants and market makers, place fewer orders, and avoid merchants in problem areas. In fact, as an ordinary user, it is difficult to tell which merchants are reliable. For example, a large number of friends who traded with Huobi Blue Shield service merchants also had their cards frozen.
(8) Reduce the frequency of cash withdrawals and increase the amount of cash realized.
(9) After the OTC transaction, do not transfer the money to other bank cards to avoid contaminating other funds. It will be troublesome to cooperate with the investigation. If you need money urgently, you can withdraw cash through ATM or spend it online.
(10) Try to cash out during weekdays. It is best to trade during normal working hours such as weekdays, such as between 9 am and 9 pm.
(11) Do not transfer the money out immediately after receiving it. After selling USDT for RMB, do not transfer it out immediately, but keep it in the account for a while.
If our credit card is frozen, how should we explain it to prove that we are not involved in money laundering activities?
(1) The individual is engaged in normal Bitcoin trading transactions and does not involve money laundering or other transactions;
(2) He was unaware that the money he received from selling coins was suspected of being a crime;
(3) Cooperate in providing all transaction records, chat records, on-chain transfer records, etc.;
(4) You must be very clear that your personal digital asset transactions do not violate the law.
In OTC transactions, if the bank card used to withdraw funds is frozen by the public security or judicial authorities, what materials will the other party require the individual to provide in order to unfreeze it?
Common information that needs to be provided mainly includes: complete transaction records, such as bank card statements, on-chain transaction records, order records of the trading platform, WeChat chat records (including the content of the communication process of the transaction), and other evidence that can prove the legality of the assets, and even proof of income.
So, what should you do if you unfortunately receive black money and your card is frozen?
First, go to the bank where you opened the account to find out the reason for freezing the card and who has the authority to freeze the card.
The reasons for freezing cards can be summarized into two types: bank risk control and public security freezing
1. Bank risk control. The risk control of the bank may be caused by frequent large-amount transfers on the card recently, decentralized transfers and centralized transfers, centralized transfers and decentralized transfers, fast in and fast out, frequent transactions at night, and no balance left in the account, etc., collectively referred to as abnormal transactions. Therefore, the bank's anti-money laundering risk control system is triggered.
2. Public Security Bureau freezes the account. Usually, the account has received other stolen money involved in the case, either directly or indirectly. The public security will stop payment and freeze all the related accounts through which the money involved in the case flows, so as to prevent the transfer of funds and facilitate the investigation of the case.
How to solve the two reasons for card freezing?
1. Bank risk control freeze
Bring your ID card and bank card to the bank where you opened the account, and submit relevant bank statement reconciliation certificates. If there are any policy instructions related to the public security department, you must also go to the local public security department to cooperate with the investigation. If the anti-fraud center controls the system, you must fill out the anti-fraud application form required by the anti-fraud center, and the funds can only be unfrozen after passing the review.
2. Deal with public security and judicial freezes.
Observe for 3 days first. Check whether the temporary suspension has turned into a formal freeze (extended for half a year). If it is formally frozen, go to the bank where you opened the account immediately to check the name of the public security unit that froze the card, the case number and the name of the police officer in charge of the case. Then get in touch with the police officer in charge to understand the reason for freezing the card and cooperate with the police's investigation. After verifying that you have not violated any laws or disciplines, your account will be unfrozen.
As the old saying goes, coming to the cryptocurrency world is not just to double your money, but to turn things around.
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