In the cryptocurrency world, if you become a multimillionaire by speculating in cryptocurrencies, you should be careful if you want to transfer the money back to your domestic bank account. Direct transfer may be targeted and regarded as an unknown source of property, or even constitute a crime. However, don't worry, there are several legal ways to go.
The first method is to transfer USDT to the BiyaPay wallet, which is licensed in the United States. In BiyaPay, you can convert it into US dollars and then transfer it to a bank such as Wise or OCBC. Although there may be some handling fees and exchange rate losses along the way, the money is clear. Through Wise, you can transfer US dollars back to Taobao, Xinxin or Zhongg Bank, but there is a limit on the amount per year. OCBC's 360 account is convenient, and you can withdraw cash directly in China without the limit of 50,000 US dollars.
The second method is to withdraw USDT through the Kraken exchange and put it in the British bank of iFAST. Kraken also has complete licenses. This method is also legal, but the handling fees and exchange rate losses are inevitable.
A reminder: although these methods are legal, it is best to consult a legal advisor before operation to ensure compliance at every step.
It is inevitable to spend some money on legalization, which is for the safety of funds and legal identity. Don't be greedy for small gains and suffer big losses, safety first.
