If you’ve made 1 million U, how should you cash out? Which method is safest?
1. Sell USDT via Binance P2P
- The platform provides escrow, making it relatively convenient
- However, the source of the RMB funds is beyond your control, so the risk of your bank card being frozen is relatively high
- Recommendation: Use small amounts in multiple transactions, choose highly reputable merchants, and release the crypto only after confirming receipt of payment
2. Transfer to an overseas exchange and withdraw
- First transfer USDT to a compliant overseas exchange, then convert it to foreign currency and withdraw it to an overseas bank card
- The risk of your bank card being frozen is relatively lower
- However, there are risks related to foreign exchange compliance, platform restrictions, and withdrawal errors
3. Private OTC / in-person transactions
- These take place outside the platform and carry the highest risk
- You could easily be scammed out of your USDT or receive funds linked to criminal activity, and it can be difficult to seek recourse if something goes wrong
- Not recommended
4. Cash out through purchases
- Use USDT to buy goods, gift cards, and so on
- Convenient, but the discount is steep and liquidity is poor; there is also a risk of getting blacklisted cards
Withdraw through an overseas exchange > Binance P2P in small batches > Frequent, large P2P transactions > Private OTC
There is no absolutely safe way to cash out USDT.
If you do proceed, prioritize small transactions through the platform, and absolutely avoid private in-person deals. Even after receiving RMB through P2P, your bank card could still be frozen if the funds are linked to criminal activity.
1. Sell USDT via Binance P2P
- The platform provides escrow, making it relatively convenient
- However, the source of the RMB funds is beyond your control, so the risk of your bank card being frozen is relatively high
- Recommendation: Use small amounts in multiple transactions, choose highly reputable merchants, and release the crypto only after confirming receipt of payment
2. Transfer to an overseas exchange and withdraw
- First transfer USDT to a compliant overseas exchange, then convert it to foreign currency and withdraw it to an overseas bank card
- The risk of your bank card being frozen is relatively lower
- However, there are risks related to foreign exchange compliance, platform restrictions, and withdrawal errors
3. Private OTC / in-person transactions
- These take place outside the platform and carry the highest risk
- You could easily be scammed out of your USDT or receive funds linked to criminal activity, and it can be difficult to seek recourse if something goes wrong
- Not recommended
4. Cash out through purchases
- Use USDT to buy goods, gift cards, and so on
- Convenient, but the discount is steep and liquidity is poor; there is also a risk of getting blacklisted cards
Withdraw through an overseas exchange > Binance P2P in small batches > Frequent, large P2P transactions > Private OTC
There is no absolutely safe way to cash out USDT.
If you do proceed, prioritize small transactions through the platform, and absolutely avoid private in-person deals. Even after receiving RMB through P2P, your bank card could still be frozen if the funds are linked to criminal activity.