In recent years, buying and selling USDT (stablecoins) between individuals has become increasingly common, but many have encountered frozen bank cards due to such transactions and even face criminal investigations. Why is this happening? How should ordinary people communicate with public security organs when their bank cards are frozen due to buying and selling virtual currencies to unfreeze their cards and avoid criminal liability? Let's take a look. 👀
01 Why has unfreezing cards become more complicated compared to earlier years? ⏳
As early as 2019 and before, cases of frozen bank cards due to virtual currency transactions were relatively simple. As long as you could provide transaction evidence proving it was merely normal virtual currency buying and selling, the public security organs would usually unfreeze the bank card. At that time, the cryptocurrency market was relatively straightforward, and although many people entered the market speculatively, the overall risk was low, and criminal activities were relatively few.
Especially for virtual currencies like Bitcoin, which have large price fluctuations and slower transaction speeds, they are difficult to use as money laundering tools. Therefore, public security's attitude towards virtual currency trading is relatively lenient, and there is no strict requirement for unfreezing bank cards only after a report is made.
However, with the emergence of stablecoins like USDT, the situation has changed. 🤔
02 The 'card severing' action and regulatory upgrades, virtual currency trading becomes a tool for money laundering 🚫💵
In October 2020, the state launched the 'card severing' action to crack down on the illegal buying and selling of 'two cards' (bank cards and phone cards). This move aims to prevent the association of 'two card' transactions with telecom fraud, cross-border gambling, and other criminal activities. Meanwhile, criminals began to turn to virtual currency trading, with USDT becoming a new tool for money laundering due to its linkage to the US dollar and strong liquidity.
In September 2021, the People's Bank of China and ten other ministries issued a notice (on further preventing and dealing with the risks of virtual currency trading speculation), clearly stating that they would severely crack down on illegal financial activities related to virtual currency trading. With tightening policies, the attitude of judicial organs towards virtual currency trading has become increasingly negative, leading to more cases where people's bank cards are frozen and cannot be unfrozen after normal virtual currency trading. ⚖️
03 Is your card really 'innocent' when it is frozen? 🤷♂️🤷♀️
Before resolving the freeze issue, it is important to ask yourself several questions:
Do you understand the risks of buying and selling USDT? 💡
Have the reasons for abnormal transaction prices ever caught your attention? 📉
Have you ever been alerted when the other party's account was abnormal or requested transfers through a third party? 🚨
Did you fulfill the necessary review and verification responsibilities during the transaction? 🧐
In many cases of frozen bank cards, some individuals are indeed implicated due to careless transactions. However, some people ignore potential risks to profit from price differences. 📉 Although there are some 'easy profit' arbitrage opportunities in the market, they often hide greater risks. Be cautious of 'too good to be true' opportunities, as they may be breeding grounds for 'money laundering' crimes. 💀
04 The crackdown intensifies, and the judicial authorities are becoming stricter 🔒
With the increase of new criminal methods such as 'score laundering', judicial authorities have become increasingly strict in their review of virtual currency trading. Since it is difficult to trace the real criminals, personal bank accounts that provide fund flows often become key targets for investigation. 🕵️♂️
If your bank card is frozen, it is usually because your account funds are involved in a reported case. Although you may not have participated in criminal activities, from the perspective of public security organs, your transaction behavior may be considered related to money laundering. ⚠️
Therefore, public security organs usually require more evidence to prove that your transaction is legal.
05 How to resolve issues after your bank card is frozen? 🔑
Freezing a bank card does not mean you are necessarily involved in a crime, but the most important thing at this time is:
Eliminate personal criminal risks 🔓
Unfreeze your bank card through effective communication 💬
Here are some suggested steps to help you deal with the situation of a frozen bank card:
Provide complete transaction records: Provide detailed transaction records with your trading counterpart, including transfer records, chat records, etc. 📑
Prove the legal source of funds: Show your legitimate income sources, such as pay stubs or tax documents, to demonstrate that the flow of funds is clear and compliant. 💼
Reasonably explain the transaction background: Detail the necessity, purpose, and process of the transaction, trying to show that your transaction is compliant and normal. 🛡️
Communicate with the public security organs: Avoid emotional reactions (e.g., 'Why freeze my account?'), and instead explain the legitimacy of the transaction with actual evidence. 📞
Explain the impact of the freeze: Clarify how the freeze on your bank card affects your normal life, work, etc., and express the desire for unfreezing. 💬
In practice, after confirming that you have no criminal risks, public security organs usually assist in unfreezing bank cards and coordinate compensation matters with the complainant. 👮♂️
06 Conclusion: Respond calmly and avoid risks 🧘♀️
When facing a frozen bank card, the most important thing is to remain calm and rational. By providing sufficient evidence and actively communicating, the chances of resolving the issue will greatly increase. Meanwhile, the best way to avoid falling into similar predicaments is:
Avoid transactions with accounts of unknown origin ⚠️
Strengthen the review of transaction objects 🔍
Choose safe and legal trading platforms 🛡️
While virtual currency trading is full of opportunities, it also carries enormous risks. Stay vigilant and operate reasonably and legally to avoid most potential problems. 🚀💰
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