My dears, today I am going to tell you how to safely and legally exchange your cryptocurrency for real money (fiat currency) after making money in this “crazy world” of cryptocurrency. This is a big matter concerning everyone’s wallet!
1. Common legal withdrawal methods
1. Withdrawal from Exchange
This is a relatively common method. Large exchanges such as Binance, which are well-known to everyone in the currency circle, can help us convert cryptocurrencies into legal currencies, and then withdraw them directly to our bound bank cards.
However, you must pay attention! The bank card you bind must be your own, otherwise you will not be able to pass the authentication. In addition, please follow the exchange's requirements, submit your identity information, and complete KYC (real-name authentication). Don't be bothered by this, as it is an important step to ensure the safety of your funds.
(2) Withdraw from offshore accounts
If you frequently 'fly around' internationally for transactions, consider opening an offshore account, such as a bank account in Singapore or Hong Kong.
The operation isn't difficult; you first exchange cryptocurrency for dollars or other foreign currencies at the exchange, then withdraw to the offshore account you opened. The advantage of this method is that offshore banks are relatively more accepting of cryptocurrency transactions. However, you must comply with local laws when opening an account, and the purpose of the account must be clear. Don't mess around, or you might end up in legal trouble.
(3) P2P transactions
The P2P trading market in exchanges is also a good place to withdraw funds, but you need to be cautious when selecting merchants. Prioritize those registered for over two years, with high trading volume, high success rates, and good user reviews. When making payments, ensure both you and the merchant use real-name payment methods; otherwise, discrepancies in account information could lead to failed transactions.
2. How to avoid bank 'monitoring' when withdrawing large sums
The bank's anti-money laundering system is quite sensitive, large and unusual fund flows can be targeted immediately. We need to do this to avoid it:
(1) Withdraw in batches
Divide the funds you want to withdraw into multiple smaller amounts; never transfer a large sum all at once. Keeping each withdrawal amount under 100,000 yuan is safer and less conspicuous.
(2) Keep the account active
Regularly use your bank card for small purchases, deposit and withdraw occasionally, so the bank perceives the card as being normally used. Keep some balance on the card, or invest in bank financial products to increase the account's credibility, making the bank think we are a reliable high-quality customer.
(3) Avoid suspicious behavior
Operations like 'quick in and out' should absolutely be avoided. Transferring funds immediately after they arrive is risky; if the bank doesn’t check you, who will? Try to operate during bank working hours, as transferring late at night can easily trigger monitoring. Also, keep all transaction records handy, so you can prove that our source of funds is clear and legal at any time.
3. What to do if we get monitored?
(1) Respond calmly
If unfortunately you get monitored by the bank, don’t panic. Quickly contact the bank, honestly explain the source of funds, and organize the transaction records and withdrawal records from the exchange to provide to the bank to prove that our money is clean. Bank monitoring is also for everyone's good; as long as we cooperate and appeal, we can generally resolve the issue smoothly.
(2) Prepare records in advance
So, friends, you should develop good habits of saving all kinds of order records and withdrawal records from cryptocurrency exchanges. If it involves international transfers, keep related contracts and payment receipts as well for future needs.
4. Key points summary for safe withdrawals
1. Laws and regulations are the red line; you must ensure that the source of funds is legal and clear. Don’t get involved in shady dealings; otherwise, you'll be the one who suffers in the end.
2. Choose exchanges and merchants wisely; only cooperate with those with good reputations. Otherwise, if the other party is unreliable, our money could go down the drain.
3. Make a good withdrawal plan, do it in batches slowly, and don't let the risk of large transfers trip you up.
4. If it involves international operations, consult professionals to understand the legal requirements of the target country. Don't proceed without clarity.
Friends, it's not easy to make it in the cryptocurrency space, and earning money is even harder. You must be careful and cautious when safely withdrawing your money. I hope everyone can achieve financial freedom soon and have a smooth journey in the cryptocurrency world! If you find this useful, remember to like, share, and comment, so more friends can see and prosper together in the cryptocurrency space!