Those retail investors in the crypto space who claim to have earned tens of millions and gained financial freedom are 100% bragging, because during their liquidation process, they must have put themselves in. Currently, the withdrawal model is becoming more and more refined, which makes it easy overseas. However, returning to mainland China, it is basically blocked.
After several months of trialing new directions, today I will detail how to withdraw funds.
Currently, the only major exchanges supporting withdrawals with mainland ID cards and passports are Binance and Kraken. Kraken allows direct withdrawal of USD via ACH to a US bank account, but requires proof of address and tax ID in the US.
Additionally, withdrawing in Hong Kong dollars does not affect anything; Hong Kong has no restrictions. Only HKD transferred back to the mainland is subject to a $50,000 limit. If the limit is exceeded, you can withdraw cash from ATMs in the mainland using an HK card, which does not count against foreign exchange quotas.
❗❗ The fees for HKD withdrawals include exchange HKD withdrawal ➡ HK card collection ➡ HK card same-name transfer domestically or withdraw cash from domestic ATMs. This is currently the most convenient and low-cost safe withdrawal method, and all fees combined will not exceed 1%.
This applies to small amounts as well, but for large amounts, it may be more reliable and safe to withdraw through a third-party licensed Hong Kong law firm or trust company quickly.
In fact, those who claim to have achieved wealth freedom overnight in the crypto space will face severe consequences; there is no injustice in this.
Currently, this type of trust/custody service is only available to clients with other passports or third-country identities, as per trust compliance regulations.
Currently, applicants holding only a Chinese passport without third-party overseas residency or passport custody cannot withdraw digital assets. The principle is similar to using a pure Chinese passport to buy Bitcoin funds at HK brokerages.
Having only a mainland passport is not sufficient; you also need an overseas permanent residency or a passport from a third country.
For withdrawals, professional matters should be entrusted to professionals.
Generally, establishment fees + fixed annual management fees = several tens of thousands of dollars. If you are clear about how much you really have, you don't need to consider this.
⭕ Therefore, 2 million USDT is a threshold.
Assets recognized for cryptocurrency trust withdrawals include: USDT, BTC, USDC, NFT; other niche assets will not be discussed here. The mainstream conversion currencies are USD or EUR.
This trust custody account is similar to some regulatory custody accounts in law firms; it does not actually manage clients' assets or investments, but only collects clients' assets, then transfers out based on client instructions and actual conditions.
Independent trust will take longer, and clients need to open a dedicated corresponding bank account through a trust company, while the trust custody account is already available.
Currently, mainland ID cards cannot be used for transactions. To trade, one needs an overseas bank account, which is another industry. So many intermediaries for card applications have emerged.
To apply for HK cards, you need to apply for a Macao and Hong Kong travel permit and endorsement, and now it's very convenient to go to Hong Kong to open an account.
There are two types of HK cards: virtual banks and physical banks. For virtual banks, you only need to be located in Hong Kong to apply. Zhong An Bank is mandatory; Tianxing is optional.
In physical banks like Bank of China, HSBC, Standard Chartered, and China Merchants Yonglong, the benefits of Bank of China and HSBC are that global same-name account transfers are free, which is very useful for transferring back to the mainland after withdrawals.
All banks require identification cards, Macao and Hong Kong travel permits, and entry tickets. Bank of China also looks for proof of address (such as utility bills, credit card statements with specific addresses and personal information), bank statements. Standard Chartered, HSBC, Bank of China, Citibank, East Asia, Hang Seng, and Overseas Chinese banks have zero threshold, no deposit limit requirements, no mandatory investment in wealth management and insurance, no queues, and require a trip to Hong Kong.
Of course, every problem in this world has a solution, but it costs money! For example, Hong Kong investment immigration can use virtual currency for net asset verification!
Besides Hong Kong, there is also a project called Salvador passport immigration (you send Bitcoin to this country's wallet), which only requires $50,000 to get identity, similar to an immigration agency.
Those who want to withdraw freely can do so, but retail investors cannot, so beginners basically do not need to consider this.
In summary, the only channel for withdrawals from mainland China is: exchange withdrawals ➡️ offshore bank cards or third-party payment collections ➡️ transfer back to domestic cards for foreign exchange or withdraw cash from ATMs in the mainland using offshore cards.
You can refer to my article here
In domestic assets, if you encounter issues that cannot be converted, but actually going outside, eating and drinking cannot compare to 'the safety of home.'
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