In the cryptocurrency world, withdrawal is an unavoidable topic, because there are many money laundering crimes in the domestic cryptocurrency world, and many black and gray industries use cryptocurrencies for transactions. The previous C2C model of withdrawal has also become the main channel for criminals. Therefore, this has also led to many people having their cards frozen when withdrawing money from the exchange C2C. Frozen cards will not only lead to asset losses, but may also be questioned by public security organs or even face the risk of detention.

The risk of C2C withdrawals caused by the black and gray industries has increased, and some private withdrawal channels are not safe. For most domestic users, because they do not have overseas passports or bank cards, it is not easy to withdraw funds safely through foreign currency channels, which has also caused a lot of difficulties. Today we mainly share with you several commonly used safe withdrawal methods that can be applied to the withdrawal needs of ordinary users.

1. Overseas virtual bank cards

At present, some overseas Visa or MasterCard virtual banks support cryptocurrency deposits, such as dupay, onekey card, gatecard (domestic IP cannot be used), etc. You can deposit stablecoins overseas in this way, and then use payment transfers to withdraw money through WeChat or Alipay. Of course, a certain fee will be charged in this process, such as dupay's Mastercard virtual card has a monthly card fee, and finally transferring US dollars to WeChat or Alipay also requires a certain fee, but the exchange rate loss is relatively low.

Of course, the handling fee of onekeycard is relatively lower than that of dupay, so you can consider using onekeycard first (registration in mainland China will be stopped on September 30).

2. Withdrawal from the exchange

Generally speaking, exchange withdrawals are C2C point-to-point withdrawals. As user demand increases, some exchanges have also started withdrawal services. For example, exchanges like Binance provide users with withdrawal channels specifically.

Let’s take Binance as an example. First, find the remittance option in the payment function, and then choose to transfer to China. There are three ways, namely Alipay, WeChat and bank. However, it should be noted that the account we transfer from must be the same as our Binance real-name authentication, so as to avoid money laundering and other problems.

3. Direct consumption

Another way is direct consumption, which is an indirect withdrawal. At present, some exchanges have launched similar functions, such as Binance's payment function and gift card functions, and Gateio's gift card. We can use Binance's payment function to purchase Apple services or steam services, as well as recharge mobile phone bills, book hotels, etc. Through Gateio gift cards, we can purchase JD cards, Amazon gift cards, and Apple or more game services.

Of course, Binance Payment also provides multiple consumption scenarios, such as purchasing Apple-related payment functions, recharging mobile phone bills, and multiple overseas consumption scenarios.

4. Hong Kong digital currency ATM

In Hong Kong, digital currencies can be used and traded normally. A series of policies supporting cryptocurrencies launched by Hong Kong at the beginning of this year are also being implemented, such as the launch of the hashkey exchange during this period. At the same time, Hong Kong is also an area that is relatively easy for mainland residents to reach. They only need to apply for a Hong Kong and Macau Pass. Of course, there are digital currency ATMs in Hong Kong, so we can directly exchange cryptocurrencies into Hong Kong dollars at such ATMs. Of course, according to the new policy, real-name authentication is required to exchange cash from ATMs. Relatively speaking, the first operation is relatively cumbersome, and there will also be a relatively high exchange rate loss through ATMs. It is generally suitable for scenarios such as tourism consumption.

Of course, if you go to Hong Kong alone, it is also recommended to apply for a Hong Kong bank card, because Hong Kong's cryptocurrency trading policy will continue to increase its openness in the future, and it will become common to deposit legal currency to purchase cryptocurrencies. At the same time, withdrawals will naturally be more convenient, so preparing a bank card in advance will become a need for withdrawals.

Final Thoughts

It is easy to deposit money but difficult to withdraw money in the cryptocurrency circle. Recently, there have been rumors in the circle that some C2C merchants have been taken away for investigation. This is mainly because domestic and foreign fraudsters have set their sights on cryptocurrencies. At the same time, some hacking incidents in the cryptocurrency circle have also led to a gradual increase in black money. Therefore, it is also necessary to consider avoiding the contamination of one's assets by black money. Under normal circumstances, as long as we follow the formal service channels to withdraw money, there will be no major problems. In addition, we should avoid C2C point-to-point or offline meeting withdrawal methods to avoid possible risks.

In addition, the difficulty in withdrawing funds actually represents, to a certain extent, the current development of the cryptocurrency industry is not mature. As the laws and regulations of various countries gradually improve, the deposit and withdrawal of cryptocurrencies will gradually be relaxed, and formal withdrawal channels will gradually increase. Therefore, if there is generally no need for large amounts of cash, you can give priority to continuing to hold cryptocurrencies or using payment methods, and wait until the environment is good before considering withdrawal needs.