That's a good question, so I'll write a long article to explain in detail the risks of large cash outs in the cryptocurrency space and how to avoid being controlled by bank risk management! (Super comprehensive + practical)

Whether you are a newcomer or an old hand in the cryptocurrency space, there are many confusions regarding cashing out. Newbies are afraid they can't cash out, while veterans are worried about encountering dirty money.

If a newcomer is only doing small transactions, there is no need to worry too much. 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 C2C trading methods will always exist. Currently, the C2C trading markets on Binance and OKEx are still stable; find reputable merchants and don’t be greedy for small profits, and you can use them with peace of mind.

Next, let's focus on the concerns of experienced cryptocurrency users about the freezing of cash-out bank cards, specifically the worry of receiving dirty money.

The following text is lengthy but full of useful information; you can consult me for specific cases.

Table of contents

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 thinking

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 a price of 6.34, and then sell 1000 USDT at a price of 6.38, making a net profit of 0.04 * 1000 = 40 USD = 280 RMB. You can continuously arbitrage.

But the market is not foolish; the arbitrage has already been leveled out.

The reason this occurs is that the merchants (those quoting 6.38) who buy USDT with fiat currency have dirty money, so they are willing to buy USDT at a cost higher than the market price to offload their dirty money, and you become an accomplice in money laundering.

Before 2018, the C2C market was relatively normal. Later, with telecom fraud and various forms of dirty money, many tried to cycle through the C2C market in the cryptocurrency space. The authorities chasing dirty money are now stricter on this, and any card that has dirty money flowing through it will be frozen for investigation.

Characteristics of dirty money

Very much like an infectious disease. Highly contagious and latent, it is not apparent on the surface. This brings two characteristics:

1. As long as this card receives dirty money, it will be infected and may be frozen. Transferring from this card to any other card will infect the new card.

2. Before freezing, you do not know which card or money has issues; you only find out after it is frozen, so it is somewhat unpredictable.

How to deal with dirty money issues when cashing out

1. When cashing out, find merchants with high trading volumes and long registration times, and normal prices (selling price lower than market buying price); do not be greedy for small gains.

Generally, transactions with more than 2000 trades, registered for more than a year, and prices lower than the buying price are okay. Transactions with small volumes, registered within a month, and top prices almost always have issues.

2. Use less frequently used empty cards to receive money, keep the amount per card low, and ideally transact with only one merchant per card. Isolate the funds for 1-3 months before transferring to the main card, only after it has not been frozen. Since we do not know which merchant has issues, it is purely a matter of probability, so we should minimize potential losses from freezing. Using this isolation method, even if one card gets frozen, it is not a big problem; we can wait for it to be resolved.

Advanced thinking

1. If you have a lot of money and have a demand for USD, you can open an account on the USD exchange Kraken, withdraw USDT and convert it to USD, then withdraw it to your USD card.

2. Some people immediately pay off credit cards/loans, or invest in financial products or stocks after receiving money, which generally has a lower probability of freezing.

3. Using a bank card is better. Alipay and WeChat do not reduce the probability of freezing.

Summary:

As long as you operate properly and do not be greedy for small profits, the probability of encountering dirty money will be greatly reduced.

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