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You made a killing trading cryptocurrencies, earning a whopping 10 million, and you’re feeling great thinking about quickly converting these virtual currencies into real RMB.
So you start looking for those who can help you exchange USDT for RMB. After some searching, you finally find one that seems quite reliable.
You both agree that you will transfer your USDT to an exchange as collateral, and once the U merchant sends the money to your account, you will confirm the transaction, and the exchange will release the coins to the U merchant. This sounds pretty safe, right? But actually, there’s a big problem here — you have no way of knowing whether the money the U merchant gives you is clean!
You might think about checking the fund settlement days, or asking the U merchant to promise to freeze the card and compensate you, or maybe find an established coin dealer, that should be more reliable, right? But sorry, none of these work! Because freezing the card is like a time bomb; when it explodes depends entirely on when the victim reports the case.
The fundamental reason for freezing the card, to put it simply, is that you don’t know where the money the U merchant gives you comes from, whether it’s clean or not. Even if there’s no problem this time, a few months later, it might be traced back and frozen due to some previous fund involved in a case. Not to mention that the U merchant’s own bank card might have been flagged by the bank’s big data risk control due to frequent inflows and outflows, and your card involved in transactions with the U merchant might also end up unlucky.
If a domestic bank card has too frequent fund inflows and outflows, inconsistent with previous trading habits, or if it has fast inflows and outflows without retention time, it might also trigger the bank’s risk control, directly freezing your account.
This thing is simple to say; it’s just that big data is too powerful. Those who gamble online often use USDT to transfer money, trading frequently at exchanges, and end up linking their bank cards with those that are on the anti-fraud blacklist, getting monitored by big data. Most currency dealers’ bank cards are also high-risk accounts, and the more you deal with them, the more likely your bank card will be flagged as fraudulent by big data. Making money is a good thing, but be careful when converting it to RMB.