That's a good question, so I'll write a long article to explain in detail the risks of large withdrawals in the crypto world and how to avoid being controlled by bank risk management when cashing out! (Super comprehensive + practical)

Whether you are a newcomer or an old hand in the crypto world, there are many confusions about cashing out. Newcomers are afraid they can't cash out, while veterans are afraid of encountering dirty money.

Newcomers don't need to worry too much about this concern if they are only making small transactions. After all, the domestic OTC market is peer-to-peer (C2C) trading, where there are buyers and sellers, so C2C trading methods will always exist. Currently, the C2C trading markets of Binance and OKX are still stable; find reputable merchants, don't be tempted by small profits, and you can use them with peace of mind.

Next, let's focus on the concerns of veterans in the crypto space regarding the freezing of cash-out bank cards, specifically the worry about receiving dirty money.

The following text is lengthy, but it's all solid information; specific cases can be consulted with me for solutions.

Directory

1 What is Dirty Money

2 Characteristics of Dirty Money

3 How to deal with dirty money issues when cashing out

4 How to deal with a frozen bank card

5 Advanced Thinking

6 Summary:

What is Dirty Money

If the buying price in the C2C trading market is lower than the selling price.

In theory, you can buy 1000 USDT at a price of 6.34, then sell 1000 at a price of 6.38, netting 0.04 * 1000 = 40 USD = 280 RMB. You can continuously cycle through this arbitrage.

But the market is not foolish; the profit margin has long been leveled out.

The reason for this is that the merchants using fiat currency to buy USDT (i.e., quoting 6.38) have dirty money, so they are willing to buy USDT at a cost higher than the market price to get rid of the dirty money in hand, and you become an accomplice in money laundering.

Before 2018, the C2C market was relatively normal. Later, various scams and dirty money sought to move through the C2C market in the crypto space. The GA that tracks dirty money is now more stringent in this area; any cards that have dirty money flowing through them will be frozen to cooperate with investigations.

Bring fans to accurately connect with Ethereum at 3100, Ethereum perfectly reached the predicted position and then started to rebound; how accurate is this prediction?

Characteristics of Dirty Money

Very similar to an infectious disease. Highly contagious and latent, it is not visible on the surface. Thus, it brings two characteristics:

1. As long as this card receives dirty money, it will be infected and may be frozen. Transferring from this card to any other card will infect the new card.

2. Before freezing, you do not know which card or money has issues; only after freezing do you find out, so it is somewhat defenseless.

How to deal with dirty money issues when withdrawing

1. When withdrawing, look for merchants with high trading volumes and long registration times, and normal prices (selling prices lower than market buying prices), don't be greedy for small gains:

Generally, look for merchants with more than 2000 transactions, registered for over a year, and prices lower than the buying price. Those with small transaction volumes, registered within a month, and high prices usually have issues.

2. Use an unused empty card to receive money, keep the amount on each card low, and try to only transact with one merchant per card. Isolate the incoming funds for 1-3 months without freezing before transferring to the main card. Because we do not know which merchant has issues, it's purely a matter of probability, so we need to reduce potential losses caused by freezing. By isolating in this way, even if one card is frozen, it's not a big problem; just wait for it to be resolved.

Advanced Thinking

1. If you have a lot of money and have a demand for US dollars, you can open an account at the US dollar exchange Kraken, withdraw USDT to cash out as USD, and then withdraw to your USD card.

2. Some people immediately repay credit cards/loans after receiving money, or invest in financial products, or enter the stock market, which generally has a lower probability of being frozen.

3. Using a bank card is better. Alipay and WeChat cannot reduce the probability of being frozen.

Summary:

As long as the operations are done properly and one is not greedy for small gains, the probability of encountering dirty money will be greatly reduced.


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