If one day they make 100 million from currency speculation, many people will think of luxury cars, mansions, and exchanging wives, but the real problem is how to withdraw the money safely. For large withdrawals, especially those as large as 100 million, things are far from simple as imagined. Policies on cryptocurrencies vary widely around the world, with some places legally encouraging them, while others are ambiguous or even explicitly prohibit them. China, for example, has adopted strict restrictions on cryptocurrencies in recent years. Despite this, large cryptocurrency service institutions have gone abroad one after another, and exchanges have also claimed to remove Chinese users, but in fact users are still active in the currency circle. So, how to safely convert the money earned from currency speculation into RMB? This is an issue that needs to be handled carefully and involves many aspects such as compliance and security. Under the current policy, compliant withdrawal channels may be limited, and you need to carefully study and choose the appropriate solution.
(1) When choosing a platform for OTC trading, we should give priority to large platforms like Binance. These platforms not only have advanced technical support and rich trading experience, but more importantly, they have established good communication and cooperation mechanisms with mainland regulatory agencies and law enforcement agencies. This means that these platforms have more stringent standards and measures in terms of risk control and compliance supervision, which can more effectively ensure the security and compliance of transactions.
(2) In addition to choosing a large platform, we should also pay attention to whether the platform supports the T+1/T+2 withdrawal strategy. Although such a strategy means that you cannot withdraw money immediately after selling the currency, it can significantly reduce the risk of money laundering through OTC transactions. For example, the Binance platform adopts a T+1 withdrawal strategy, while the Huobi Strict Exchange adopts a T+2 withdrawal strategy. Although such a strategy may bring some inconvenience to our use of funds, it is an important means to ensure transaction compliance and security, and deserves our attention and compliance.
(3) When conducting OTC transactions, we should try to avoid using stable coins such as USDT for transactions. Although the prices of these stablecoins are relatively stable, there are certain compliance risks because the conversion between them and legal currencies may involve complex regulatory issues. On the contrary, we can try to choose mainstream currencies such as BTC and ETH for transactions. These mainstream currencies have better liquidity in the market, more active transactions, and are also more susceptible to the attention and regulation of regulatory agencies.
(4) In order to ensure the security of funds, we should use separate bank cards for OTC transactions to avoid mixing them with commonly used cards such as salary cards. The advantage of this is that even if the bank card is frozen during the transaction, it will not affect the use of our other funds. At the same time, when cooperating with investigations, we can more easily explain the flow of funds and avoid unnecessary trouble.
(5) When choosing a bank card for OTC transactions, we should try to consider using cards from local banks. Due to their relatively smaller business scope, these banks may not have as close a partnership with law enforcement agencies as larger banks and may therefore be more flexible and efficient in dealing with issues such as freezes. For example, local banks such as city commercial banks and rural commercial banks in various places are good choices. As for large joint-stock and commercial banks such as China Construction Bank, we have branches across the country. Once a problem occurs, law enforcement agencies can directly freeze the relevant accounts, which brings certain risks to the use of our funds.
(6) When conducting OTC transactions, we should avoid frequent transactions with fixed merchants or users. The same user's indirect purchases of multiple or frequent transactions within a day can easily attract the attention of regulatory agencies, thereby increasing the risk of being frozen or investigated. Therefore, we should try to maintain the diversity and randomness of transactions to avoid unnecessary trouble.
(7) Finally, when conducting OTC transactions, we should look for reliable merchants to conduct transactions. This requires us to have a certain identification ability and risk awareness, and to conduct an in-depth understanding and evaluation of the merchant's reputation, transaction history, customer evaluation, etc. At the same time, we can also try to choose large merchants or large market makers for transactions. They usually have a more stable and secure trading environment. During the transaction process, we should also pay attention to placing fewer orders and less touching merchants in problem areas to reduce transaction risks. Of course, as ordinary users, it may be difficult for us to completely distinguish which merchants are reliable, so we must do sufficient research and preparation before making transactions.
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