As an old hand in the cryptocurrency world, I need to withdraw 200,000 to 500,000 each year to make a living, so I’m sharing some experiences on withdrawals in the crypto space. Here’s the practical advice:
1. Only choose platforms with T+1, such as Binance, because once dirty money is converted to U, it will be transferred immediately to avoid prolonged risks. T+1 platforms can deter most dirty money.
2. Choose merchants with a long registration time and high transaction volume who have extensive experience; they know how to avoid being controlled by Uncle JC.
3. Withdrawal times should be during work hours on weekdays. In 2021, I had a withdrawal of 100,000 that was processed at night on a trading platform, and it was frozen the next day, and it hasn't been released since. If you encounter dirty money, there’s nothing you can do but accept the loss.
4. You don’t necessarily have to choose the highest price; a little less or more doesn’t matter, mainly see if it meets the second point.
5. After placing an order, leave a message to the merchant: 'Please pay with real-name verification; I will confirm it as soon as the payment arrives.' After the payment comes in, make sure to check the details to see if it matches the payer on the order. If it's not a real-name payment, even if the money arrives, it should be refunded; no excuses will be entertained, such as exceeding card limits or using a family member's card.
6. The receiving card should not be a long-unused card with a zero balance. Sudden large transactions may trigger risk control. My practice is: each receiving card has a balance of one or two hundred, linked to WeChat Pay, and I rotate payments with each card when buying anything at any time.
7. Never attempt small amounts; this is the easiest to trigger risk control! 'If you have a bank card that isn't used regularly, and you want to test if there are any issues, you might transfer a few cents to see if online banking works, then transfer it out. If the card is fine, then proceed with a large transaction.'
The behavior above is a small amount trial. This is what senior bank personnel told me; in such cases, the issuing bank will not intervene, but it is most likely to be monitored by the People's Bank, even if it is not dirty money. Being monitored doesn't necessarily mean being controlled, but there is a certain probability of being flagged.
8. The withdrawal amount depends on your scale:
A. If it's several tens of thousands, there's no need to break it down into batches, nor is there a need to find a blue shield; just follow the operations in points 1-6 above.
B. If it’s a large withdrawal, such as several hundred thousand or even millions, and it’s urgent, it's better to find a blue shield. Although the exchange rate might be lower, generally, there won't be any issues.
C. For large amounts that are not urgent, if you have more than ten bank cards, and you're maintaining them as per point 6, you can rotate each card for receiving payments, each transaction being several tens of thousands. After receiving a payment on one card, do not move it for 2-5 days, then transfer it to your main card. You can also transfer after receiving payments twice to the main card. The main card can have 1-3 cards, depending on your funding level, but do not receive payments directly on the main card. For example, with 10 cards, receive payments every 2-3 days or 4-6 days, with each transaction being 50,000 to 100,000. This way, you can withdraw 5 million in a month. Also, the amount and holding time for each card's payment are not fixed.
The above content is based on my years of withdrawal experience. U cards are not bad, but personally, I think they are unnecessary and troublesome, not to mention the high costs; maybe my funding level hasn't reached that tier yet.