The new Anti-Money Laundering Law will come into effect in January next year, and the difficulty of withdrawing cryptocurrency may increase!
If you have made a substantial profit from trading cryptocurrencies and want to directly withdraw your coins to a bank card in mainland China, this may trigger the bank's anti-money laundering monitoring, resulting in account freezes, asset seizures, and a series of troubles. Especially with stablecoins like USDT, if not handled properly, you may also face legal risks.
But don't worry, there are still legal and safe ways to successfully withdraw funds. Here are two references:
1. Withdraw USDT from the exchange to BiyaPay
BiyaPay is an electronic wallet with a legal license in the United States. You can withdraw USDT to BiyaPay and exchange it 1:1 for US dollars. After that, withdrawing to a legal bank account becomes very simple.
Here’s an example using Wise: Once the funds arrive at Wise, you can directly withdraw them to Alipay, WeChat, or Bank of China. However, please note that Wise has a limit on withdrawals.
2. Withdraw USDT from the exchange to Kraken
Kraken is an exchange with a legal license in the United Kingdom. You can withdraw USDT to Kraken and then transfer it to IFast UK Bank.
These paths fully comply with regulatory requirements, and the flow of funds is clear and legal. Although there may be some fees and exchange losses, the overall process is absolutely reliable.
