Recently, many friends have reported encountering payment risk control issues when purchasing virtual currencies at exchanges, with their bank cards being frozen and transactions unable to proceed smoothly. These issues seem incidental, but there are profound reasons behind them.
Why is it 'difficult to buy cryptocurrencies'?
In simple terms, cryptocurrency merchants face a large number of transactions and accounts every day, with customer fund flows being very frequent. However, due to some individuals transferring illegal funds (such as black industry funds or gambling funds) to cryptocurrency merchants, it leads to risk control of the merchants' accounts. Once black or gray funds are involved, banks or payment platforms will trigger anti-fraud warnings and freeze the funds.
This is also why many cryptocurrency merchants' accounts are placed on protective suspension lists by anti-fraud warning systems during transactions. If you're not careful, your account could be restricted due to a single transaction, and you may even face the risk of legal recovery.
The phenomenon of frozen accounts at exchanges is becoming increasingly severe.
As black and gray funds continuously flow into the cryptocurrency circle, the phenomenon of 'frozen accounts' at exchanges and among cryptocurrency merchants is becoming increasingly common. Especially with high-risk accounts involved, it is inevitable that normal trading users will be implicated.
Tianji was once a cryptocurrency merchant at an exchange four years ago. Despite the strict audit mechanism at that time, he still could not escape the fate of having his account frozen. Because of this, he ultimately chose to leave the exchange industry. In fact, this issue is not just a concern for individual cryptocurrency merchants but a dilemma faced by the entire industry.
How to avoid these trading risks?
1. Transactions with acquaintances
The safest way is to buy cryptocurrencies through someone you trust. The consensus in the cryptocurrency circle is: 'Anyone who buys cryptocurrencies at a high price must have issues.' High-priced purchases often aim to offset potential risk control risks. Therefore, if you do not have very trustworthy friends, try to avoid buying cryptocurrencies at high prices off-market.
Advantages: Transaction security, low risk.
Disadvantages: Higher prices, and the trading counterpart must be highly trusted.
2. E-commerce platforms
Some cryptocurrency merchants conduct transactions through e-commerce platforms like Taobao, where you will receive cryptocurrency after payment. Due to platform guarantees, transactions are relatively safer, avoiding the risks of black and gray production.
Advantages: Security is guaranteed, avoiding account risk control.
Disadvantages: High prices, large trading spreads, earning five to six dimes on a 1U transaction is quite normal.
3. Black and gray platforms
Platforms like Yibifu, EBPay, etc. are the most dangerous. Participating in transactions on these platforms almost certainly leads to account freezing and risk control issues. Never allow your bank card to have any transactional ties with these platforms.
4. Legitimate exchanges
Binance is one of the exchanges recommended by Tianji. Compared to other exchanges with looser audits, Binance has stricter management of cryptocurrency merchants, with higher application thresholds and relatively lower risks. Buying cryptocurrencies through a legitimate exchange ensures better security.
How to avoid account risk control?
Avoid bank card payments: Direct payments via bank cards are highly risky and easily subjected to risk control. You can use methods like VX Alipay to reduce the possibility of your bank account being controlled.
Pay attention to the receiving account: If the cryptocurrency merchant requests payment through a family member's account, there is no need to worry, as long as the payment code is within the official chat box of the exchange, the transaction can proceed safely.
Do not engage in private transactions: Do not trust any invitations for private transactions, especially those who add your contact information and lead you to play contracts, do projects, or earn commissions. Most are fraudulent behaviors, and do not be tempted by 'high returns.'
Reminder:
The risk control of exchanges is becoming increasingly strict. Once a connection with a risky account is established, it may lead to account freezing, inability to withdraw funds, and other issues.
When trading, ensure that the source of funds is clear and try to avoid contact with unknown accounts or platforms.
Summary:
The cryptocurrency circle has high risks, and one must be cautious when operating. Always choose trusted merchants and platforms for transactions, avoid high-risk channels, and ensure the safety of your funds.
For more information on how to safely withdraw funds, please visit my homepage for details, and ensure you remain cautious during transactions to reduce the risk of being subjected to risk control.