What are the current ways to legally withdraw "U"?
Many friends are asking me if there are any legal channels for withdrawal. Today, Brother Meng will summarize them for everyone:
1) Hong Kong licensed crypto exchanges + brokerage channels
Current situation of U exchange: The Hong Kong Securities Regulatory Commission has officially announced that there are 7 licensed crypto asset exchanges, such as OSL Digital Securities Co., Ltd., HashKey Exchange, etc. At present, crypto assets such as USDT cannot be traded directly on licensed exchanges, and must be assisted by BTC/ETH spot channels.
Taking HKVAX as an example: Behind it is Victory Securities, which holds multiple licenses and can legally use Hong Kong BTC/ETH spot channels to help users exchange, and the funds are transferred to Hong Kong bank accounts.
Advantages and disadvantages: The advantages are good compliance, clear capital links, and low risk of frozen cards;
The disadvantage is that mainland residents cannot open accounts directly, and may need help from relatives and friends abroad. Small amounts of U withdrawal may require physical travel to Hong Kong, which is more cumbersome.
2) Selling through OTC on top exchanges such as A-X and K
Features: Low cost, you can open an account and operate by yourself.
Risk: It is one of the channels that is easy to receive black money, bank cards may be frozen, and funds may be confiscated by judicial authorities. It is recommended to choose a counterparty with high credibility.
3) U card exchange
Compliance: Some U cards can be bound to common apps for use, and there is no big problem overall.
Risk: There are many card opening agents, you need to choose reliable and KYC qualified ones; there are cases where service providers suddenly stop service.
4) Currency traders exchange money for U
Risk: Similar to OTC withdrawals from exchanges, you may receive black money and freeze your card or be investigated. Don't believe in "freezing card guarantee" and other propaganda, and you need to choose partners carefully.
5) Hong Kong offline exchange for U
Operation and requirements: You need a foreign bank card. There are two types of physical stores in Hong Kong: ATM machines and offline stores.
Transaction amounts below HKD 120,000 are generally not registered, and those above HKD 120,000 require simple KYC, with a handling fee of about 4%.
Suggestion: Ordinary users with clean sources of funds can choose this, but there is a risk of receiving black money. It is recommended to exchange at stable stores such as Mong Kok and Tsim Sha Tsui.
In short: There is currently no absolutely safe and perfect U-exit solution, and there are risks in all channels. It is recommended that everyone make a decision after careful consideration.