With the arrival of the bull market, there are more and more friends whose assets have increased several times, and some are thinking about withdrawing a portion to improve their lives. Little do they know that there are potential risks, and if not approached cautiously, it may not only fail to improve their lives but could also bring about huge troubles! Having accounts frozen by banks, Alipay, WeChat, and other platforms is mild, and some people may even be directly invited for a 'tea chat,' with more serious cases facing a '37-day package.' The reason behind this is the current 'Clean Net Action' and 'Card Cutting Action,' which impose strict regulations on accounts involved in illegal fund flows. Today, I will analyze in detail how this storm affects capital withdrawal and how to effectively prevent the risks of frozen accounts.
① When 'frozen, it is frozen,' it is no longer up to the bank.
In the 'Card Cutting' operation, the power to freeze accounts is no longer solely determined by banks. If your bank card, Alipay, WeChat, or other payment accounts exhibit unusual transactions or are suspected of illegal activities, relevant authorities can directly freeze the accounts without the approval of banks or payment platforms. In other words, if regulatory agencies suspect that funds are involved in illegal activities, accounts may be frozen at any time without prior notice.
② After risk control freezing, payments are generally stopped for 72 hours.
After your account is frozen, you may find that the status of your bank card or Alipay and WeChat accounts may change to 'payment stopped.' At this point, there is no need to panic too much, as generally, the account will be automatically unfrozen after 72 hours. However, if the account does not unfreeze, it may be because it has been judicially frozen, especially if it involves illegal fund flows, in which case the freezing period may be extended until the case investigation is completed.
③ Judicial freezing may indicate an investigation.
If the frozen status is not lifted after 72 hours, the account may have been judicially frozen. In this case, relevant authorities will proactively investigate the flow of funds in the account to determine if it involves illegal transactions or money laundering. If the funds involved are illegal gains, the time for unfreezing will be uncertain until the case is completely resolved.
④ Actively cooperating with investigations is crucial.
If you encounter a situation where your account is frozen, it is advisable to actively cooperate with the investigation as soon as possible, especially when trading on exchanges. Make sure to keep every transaction receipt, including transaction records and fund flows. These proofs can help clarify that you are not involved in illegal activities. Bring identification and transaction proof, actively contact the relevant institutions that froze your account (if you are unsure about the freezing institution, you can inquire at the bank), explain your transaction situation, and strive for an early unfreezing of your account.
⑤ Not only bank cards, but Alipay and WeChat may also be frozen.
In addition to bank cards, accounts on third-party payment platforms such as Alipay and WeChat are also subject to risk control. Especially in the cryptocurrency circle, many friends use Alipay or WeChat for receiving payments, but these platforms will also strengthen risk monitoring. When the platform detects unusual transactions, the account may be frozen. The freezing may be triggered by the platform's risk control system or due to illegal transactions involving account funds.
For Alipay freezes, there are usually two reasons: one is the platform's own risk control mechanism (such as operations in different locations or risky transactions), and the other is judicial freezing, especially when funds are suspected of being black money or other illegal activities. If the funds in the frozen account are judicially frozen, the handling method is similar to that of a bank card freeze, and it will still require corresponding investigations.
⑥ Do not be blindly optimistic; be cautious when withdrawing funds.
Since October 2020, the state has strengthened the 'Card Cutting Action,' and regulation of virtual currencies has also become stricter. In this situation, friends in the cryptocurrency circle need to be more cautious, especially when withdrawing funds. It is strongly recommended that everyone conduct thorough risk control checks when engaging in any transactions, especially when transferring large amounts of funds to third-party payment accounts, such as requesting transaction records from the counterparty, confirming whether the account is newly opened, and whether there are overnight fund records. Avoid funds with unclear sources to prevent getting involved in money laundering transactions.
⑦ Local criminal investigation departments have differing understandings of virtual currencies.
The level of understanding of virtual currencies varies among public security agencies across different regions. Some departments with limited knowledge of virtual currencies may impose stricter scrutiny on transactions involving virtual currencies, and may even conduct direct investigations. If you find yourself embroiled in such incidents, do not hastily defend the legality of virtual currencies due to a lack of understanding of the law. The best course of action is to hire a professional lawyer to handle the situation, rather than attempting to explain the matter to the police yourself. Calmly cooperate and appeal in accordance with the law to effectively resolve the issue.
⑧ The Card Cutting Action has no set deadline.
The 'Card Cutting Action' is not just a short-term measure; it has no set deadline, meaning that relevant supervision will continue indefinitely. Given the current situation, the 'frozen cards' and risk control inspections in the cryptocurrency circle will also continue for a long time. Although some friends claim they haven't used bank cards for deposits and withdrawals for a long time, they still encounter account freezing issues, which indicates that the current regulatory situation is very serious, and everyone must remain vigilant.
⑨ Strengthen platform KYC to cut off illegal funding sources.
The OTC market and some small exchanges have become channels for black market funds to flow in, and many accounts that are frozen are actually victims. To better prevent such situations, trading platforms must strengthen KYC (Know Your Customer) processes to ensure that the identity information of each account is genuine and reliable, avoiding false identities or funds suspected of being illegal from entering the market. For investors, choosing reputable trading platforms with strict KYC can greatly reduce the risk of account freezing.
⑩ Do not harbor any illusions; be cautious of falling into illegal transactions.
Many friends believe that the funds they use to buy and sell virtual currencies are clean, but in reality, virtual currencies may have become tainted through illegal money laundering methods during the transfer process. Therefore, do not blindly trust strangers or engage in offline transactions. At all times, ensure you understand the source of the other party's funds, and do not attempt other trading methods outside the platform to avoid getting involved in illegal fund transactions and ultimately facing legal risks.
