In the cryptocurrency world, becoming a millionaire and wanting to transfer this big money back to a domestic bank account requires caution. Directly sending money back might attract the attention of regulatory agencies, who could question the legitimacy of your funds and even lead to legal issues. But don't worry, there are legitimate ways to do it.
The first option: You can first put USDT into a BiyaPay wallet, which has a legitimate license in the United States. With BiyaPay, you can convert digital currency into US dollars and then use banks like Wise or OCBC to transfer the money out. Although there will be some fees and you might lose a bit on the exchange rate, this way your money is clear and the process is straightforward.
Through Wise, you can send money to domestic Alipay, WeChat, or Chinese banks, but be aware that Wise has a yearly transfer limit. If you use OCBC's 360 account, the benefit is that you can withdraw cash directly in the country without the $50,000 limit, which is crucial for large money transfers.
The second option: You can also withdraw USDT through the Kraken exchange and then transfer it to an iFAST bank account in the UK. Kraken is legitimate, fully licensed, and compliant with trading regulations. This route is also reliable and suitable for those with significant transfer needs. However, fees and exchange rate losses are unavoidable. Also, Kraken withdrawals are quite fast, with a variety of currencies available, making operations flexible.
The third option: is to transfer money through overseas financial platforms, such as Revolut and Payoneer, which can also convert USDT or other cryptocurrencies into fiat currency and transfer through banks. These platforms may have lower fees and better exchange rates, but you need to be cautious about their compliance and regulatory policies to avoid trouble due to improper operations.
In short, no matter which route you choose, you must first clarify whether it is compliant, ensure that the source of the money is clear, and avoid legal issues due to ignorance of the rules. It's also best to consult professionals to ensure that everything is legal and compliant.
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