The guide to safely withdrawing from the crypto world is here! Want to avoid receiving dirty money and having your card frozen?
You must remember these tips! Be cautious with withdrawals in the crypto space; safety is the hard truth!
First, choose large platforms for OTC trading, such as Binance and OK, as they have good relationships with regulatory agencies, strict risk control, and better security. Don’t rush to choose platforms that support T+1 or T+2 withdrawals; although you have to wait, the risk is lower. For example, Binance is T+1, and some selected transactions on Huobi are also T+2, which is quite stable for withdrawals.
Prepare a separate bank card for withdrawals and do not mix it with your salary card. In case it gets frozen, you can still use other funds without any issues. This way, it is also clear during investigations, and the flow of funds is transparent. Local bank cards are safer, such as those from city commercial banks or rural commercial banks; large banks have many branches and can easily attract the attention of law enforcement agencies.
Do not frequently transact with fixed merchants, and do not buy and sell with the same person too often, as it may be mistaken for money laundering. Look for reliable OTC merchants; the orders from large merchants and market makers are safer, with fewer hanging orders, and avoid problematic merchants. However, to be honest, it is difficult for ordinary users to distinguish, and even friends who have traded with Huobi's Blue Shield service providers have fallen victim.
Reduce risk by keeping the withdrawal frequency low and the amount large. Try to trade during normal working hours on weekdays, and don’t stay up too late. When you receive money, don’t rush to transfer it; keep it in the account for a while; safety comes first. If your card gets frozen, don’t panic; tell the bank that you are conducting normal transactions and not money laundering, and provide transaction records, chat logs, on-chain transfer records, and other evidence. Trading digital assets is not illegal.
If the public security judiciary has frozen it, first clarify which agency froze it. If it’s a bank risk control issue, take your ID card and bank card to the account-opening bank to explain clearly. You may need to cooperate with investigations by the public security department and fill out a fraud counter-application form. If it’s a public security freeze, observe for three days; if there is no change, it’s fine; if it changes, quickly ask the account-opening bank for clarification, and then contact the responsible police officer to cooperate with the investigation. Proving that you haven’t violated the law will help you get unfrozen.
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