Important considerations for cashing out in the cryptocurrency world: Details not to be overlooked after becoming wealthy
How to safely withdraw funds?
1. Choose large platform OTC trading
Prioritize large platforms like Binance and Huobi, which have good cooperation with regulatory agencies and law enforcement, effectively reducing risks.
2. Use T+1/T+2 withdrawal strategies
Try to use OTC platforms that support T+1 or T+2 withdrawals to avoid the money laundering risks caused by instant cash withdrawals. For example, Binance's T+1 strategy or Huobi's strict T+2 withdrawal method.
3. Trading mainstream cryptocurrencies is safer
Avoid using stablecoins like USDT for OTC trading, and choose mainstream cryptocurrencies like BTC and ETH to reduce the risk of being frozen.
4. Use a dedicated bank card
Separate withdrawal bank cards from daily cards to avoid affecting daily cash flow. Even if the card is frozen, it will be easy to explain the source of funds during investigations.
5. Local banks are more secure
Prefer local commercial banks or rural commercial banks. Large and medium-sized banks like ICBC and ABC have a higher probability of being frozen nationwide.
6. Avoid high-frequency trading
Trading too frequently on the same day, especially rapid buy-sell actions, may be identified as money laundering behavior, posing significant risks.
7. Choose reliable sellers
Look for trustworthy OTC sellers and avoid trading with merchants from problematic regions. Trading with large traders or market makers is safer, but caution is still necessary.
8. Reduce the number of withdrawals
When withdrawing, choose large amounts to reduce the frequency of transactions.
9. Do not transfer to other bank cards
After withdrawal, avoid contaminating the funds; do not transfer to other private cards. If funds are urgently needed, withdraw via ATM or make online purchases.
10. Choose to withdraw on business days
Prefer trading during working hours, from 9 a.m. to 9 p.m., to avoid high-risk operations during abnormal times.
11. Delay transfers
Funds should remain in the bank account for a period after selling cryptocurrency, and should not be transferred out immediately to avoid triggering risk control.
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