Whether you are a newcomer or an old hand in the cryptocurrency circle, there are many confusions about the withdrawal issue. Newcomers are afraid of not being able to withdraw money, and old hands are afraid of being cheated.

If you are a newbie and only want to trade in small amounts, you don't need to worry about this. After all, the domestic OTC market is a peer-to-peer (C2C) transaction. Some people want to buy, and some people want to sell, so there will always be C2C transactions. At present, Binance's C2C trading market is still stable. If you find a reputable merchant and don't covet small profits, you can use it with peace of mind.

Next, let’s focus on the issue of bank cards being frozen for withdrawals, which is a concern for veterans in the cryptocurrency circle, that is, the worry of receiving black money.

The following text is long, but it is full of useful information. You can consult me ​​for specific cases.

Table of contents

  1. Where is black money likely to appear?

  2. Characteristics of black money

  3. How to deal with the problem of black money when withdrawing cash

  4. How to deal with frozen bank cards

1. Where is black money likely to appear?

  • If the buying price in the c2c trading market is lower than the selling price.

  • Theoretically, you can buy 1000 USD T at 6.34 and sell 1000 USD T at 6.38, making a net profit of

  • 0.04*1000=40 dollars=280 yuan. You can make arbitrage continuously.

  • But the market is not stupid, the interest rate gap has long been leveled.

  • The reason for this is that the merchant who uses legal currency to buy USDT (i.e. 6.38) has black money in his pocket, so he is willing to buy USDT at a cost higher than the market price in order to get rid of the black money in his hands, and you become an accomplice in money laundering.

  • In 2018 and before, the C2C market was relatively normal. Later, telecom fraud and other black money all tried to go through the C2C market in the cryptocurrency circle. The GA that tracks black money is now more strict about this area. If they encounter any card that black money has flowed through, they will freeze it to cooperate with the investigation.

2. Characteristics of Black Money

It is very much like an infectious disease. It is highly contagious and latent, and cannot be seen on the surface. So it brings two characteristics:

  1. As long as this card receives black money, it will be infected and may be frozen. If this card is transferred to any card, it will infect the new card.

  2. You don’t know which card or money is problematic before it is frozen. You will only know after it is frozen, so it is somewhat hard to guard against.

3. How to deal with the problem of black money when withdrawing cash

  • When withdrawing cash, look for merchants with large transaction volumes, long registration time, and normal prices (the selling price is lower than the market buying price). Don't be greedy for small bargains:

Generally, the price of the products with more than 2,000 transactions and more than one year of registration is lower than the purchase price. However, the prices of the products with small transaction volume and less than one month of registration are almost all problematic. In Binance Exchange, it is best to choose merchants with the "SHIELD" logo for trading. Because these merchants have been strictly audited, they are relatively safer.

  • Use an unused card to collect money. The amount on a single card should not be too large. Each card should be used for transactions with only one merchant as much as possible. The funds should be quarantined for 1-3 months and transferred to the main card after they are not frozen. Because we don't know which merchant has the problem, it is purely a probability, so we should reduce the loss caused by freezing. With this isolation method, even if a card is frozen, it is not a big problem and can be processed after it is processed.

4. If your bank card is accidentally frozen

First, follow these steps: open bank - off-site GA - FZ center - city bank, go back and forth between these units. Then fill out the frozen compensation form to Binance, and a certain amount of compensation will be paid after verification of the materials.

I hope this guide is helpful to you. If necessary, you are also welcome to support Liu Yuxi's rebate business:

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Let's make money in the cryptocurrency circle, withdraw money safely, and get rich steadily! 🎉