Jiugo will write a long article to explain in detail the risks of large withdrawals in the crypto space and how to avoid being controlled by the bank when cashing out! (Comprehensive + Practical)
Whether a newcomer or a veteran in the crypto space, there are many confusions about cashing out. Newcomers are afraid they can’t cash out, while veterans are afraid of encountering dirty money.
Newcomers need not worry much about this concern if they are only making small transactions. After all, the domestic OTC market is peer-to-peer (C2C) trading. There are people who want to buy and people who want to sell, so there will always be C2C trading methods. Currently, the C2C trading markets of Binance and OKX are still stable. Find merchants with high credibility, don’t be greedy for small profits, and you can use it with peace of mind.
Next, let's focus on the concerns of veteran traders in the crypto space regarding the freezing of withdrawal bank cards, namely the worry of receiving dirty money.
The following text is lengthy, but it's all practical content. Specific cases can be consulted with me for solutions.
Directory
1. What is dirty money?
2. Characteristics of dirty money
3. How to deal with dirty money issues when cashing out
4. How to handle a frozen bank card
5 Advanced Ideas
6. Summary:
What is dirty money?
If the buying price in the C2C trading market is lower than the selling price.
Theoretically, you can buy 1000 USDT at the price of 6.34, and then sell 1000 USDT at the price of 6.38, netting a profit of 0.04 * 1000 = 40 dollars = 280 RMB. You can continuously arbitrage like this.
But the market is not foolish; the profit margin has already been leveled.
This situation arises when merchants using fiat to buy USDT (i.e., offering 6.38) have dirty money, so they are willing to buy USDT at a price higher than the market rate to offload their dirty money, and you become an accomplice in money laundering.
Before 2018, the C2C market was relatively normal. Later, telecom fraud and various dirty money ideas began to circulate through the C2C market. The investigation of dirty money has become stricter, and any card that flows through dirty money will be frozen to cooperate with the investigation.
Characteristics of dirty money
It's very similar to an infectious disease. Highly contagious, and it's latent; it doesn't show on the surface. This brings two characteristics:
1. As long as this card receives dirty money, it will be infected and may be frozen. This card transferring to any card will infect the new card.
2. Before the freeze, you would not know which card or money had issues; only after it was frozen would you realize, so it’s somewhat unpredictable.
How to deal with dirty money issues when cashing out
1. When cashing out, look for merchants with high transaction volumes, long registration times, and normal prices (selling prices lower than market buying prices). Don’t be greedy for small savings:
Generally, for transaction volumes over 2000, accounts that are more than a year old, and prices lower than the buying price. For those with small transaction volumes, accounts registered within a month, the top prices almost always have issues.
2. Use an unused empty card to receive money, don’t put too much on a single card, and try to transact with only one merchant per card. Isolate the funds for 1-3 months, and only transfer to the main card after it has not been frozen. We don't know which merchant has issues; it's purely about probability. This way, even if one card is frozen, the impact won't be too severe, and you can wait for it to be resolved.
How to handle a frozen bank card
Advanced Ideas
1. If you have a lot of money and need US dollars, you can open an account on the dollar exchange Kraken, withdraw USDT to cash out into USD, and then withdraw it to your USD card.
2. Some people immediately pay off credit cards/loans after receiving money, or invest in wealth management, or enter the stock market. This generally has a lower probability of freezing.
3. It’s better to use a bank card. Alipay and WeChat do not lower the probability of freezing.
Summary:
As long as the operations are done properly and you don’t be greedy for small savings, the probability of encountering dirty money will be greatly reduced.
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