In the cryptocurrency world, if you've become a multimillionaire through crypto speculation, you need to be cautious when transferring funds back to your domestic bank account. Direct transfers could be flagged as unexplained income or potentially seen as illegal activity. However, there are several legal options available.
One option is to transfer USDT to the BiyaPay wallet, which is licensed in the U.S. Through BiyaPay, you can convert USDT into U.S. dollars and transfer it to banks like Wise or OCBC. Although there may be some transaction fees and exchange rate losses, this process ensures the funds are legitimate. With Wise, you can transfer U.S. dollars to banks like Taobao, Xinxin, or Zhongg Bank, but there is an annual transfer limit. OCBC’s 360 account is convenient, allowing you to withdraw cash directly in China without the $50,000 limit.
Another method is to withdraw USDT via the Kraken exchange and transfer it to iFAST, a British bank. Kraken is fully licensed, making this a legal process, though fees and exchange rate losses will still apply.
While these methods are legal, it’s always wise to consult a legal expert to ensure compliance with all regulations.
