A complete guide to safe withdrawals in the cryptocurrency world (reposted)

Pay attention to a few points to effectively prevent your bank account from being frozen due to receiving black money:

(1) For OTC transactions, try to choose large platforms such as Binance and OEase. These platforms have good communication channels and risk control measures with mainland regulators and law enforcement agencies.

(2) Try to choose OTC platforms that support T+1/T+2 withdrawal strategies. Although you cannot withdraw cash immediately after selling coins, it reduces the risk of suspected money laundering through OTC transactions. For example, Binance T+1 and Huobi Strict Selection transactions (relative to free transactions, T+2 withdrawals).

(3) Avoid directly using stablecoins such as USDT for OTC transactions. For OTC transactions, try to use mainstream currencies such as BTC and ETH.

(4) The bank card for OTC transactions must be a separate card that is not used normally, separated from the salary card, etc., so that even if it is frozen, it will not affect the use of other funds, and it is easy to explain the flow of funds when cooperating with the investigation.

(5) For OTC transactions, try to use local bank cards, such as city commercial banks and rural commercial banks in various places. Large and medium-sized joint-stock and commercial banks such as ICBC, ABC, CCB, and CCB have branches all over the country, so law enforcement agencies can basically freeze their accounts directly.

(6) Do not trade frequently with fixed merchants or fixed users. If the same user makes more than three indirect purchases in one day, or sells the purchases a few hours later, it will be very dangerous and may be suspected of money laundering.

(7) Find reliable OTC merchants to trade with. Try to take the initiative to accept orders from large merchants and market makers, place fewer orders, and avoid merchants in problem areas. In fact, as an ordinary user, it is difficult to tell which merchants are reliable. For example, a large number of friends who traded with Huobi Blue Shield service merchants have also had their cards frozen.

(8) Reduce the frequency of withdrawals and increase the amount of cash.

(9) After OTC transactions, do not transfer the funds to other bank cards to avoid contaminating other funds, which will make it troublesome to cooperate with the investigation. If you need money urgently, you can withdraw cash through ATM or spend it online.

(10) Try to choose weekdays to cash out. It is best to trade during normal working hours such as weekdays, such as between 9 am and 9 pm.

(11) Do not transfer the money out immediately after receiving it. After selling USDT for RMB, do not transfer it out immediately, but keep it in the account for a while.