When it comes to buying and selling USDT, the most concerning issues for everyone are trust and fund security, which is also a reality we have noticed when dealing with numerous cases of frozen bank cards. Many cardholders inadvertently fall victim to having their bank cards frozen during the process of selling USDT, causing inconvenience in their daily lives and work. Based on our handling experience, today we will discuss the misconceptions about bank card freezing during the process of selling USDT, which cardholders can refer to and avoid.

Misconception 1: On-exchange transactions will not result in bank card freezing

When buying and selling USDT, are on-exchange transactions always safe while off-exchange transactions are always unsafe? Not necessarily. We have encountered cases where bank cards were frozen after receiving payment from a buyer matched and connected through the platform. Therefore, even if the buyer is matched through the platform, we cannot 100% confirm the safety of their source of funds. It is just relatively more secure overall compared to off-exchange transactions. What about off-exchange transactions? In fact, off-exchange transactions heavily rely on the trust foundation between both parties. We recommend that everyone purchase USDT from friends they have met offline, and try to avoid transactions with strangers introduced through multiple channels.

Misconception 2: Cash remittance will not result in bank card freezing

If the other party claims that using cash remittance to pay for USDT will not cause any problems, is it true?

In practice, we have encountered a situation where a buyer claimed to pay entirely in cash, and the seller received tens of thousands of yuan in cash remittance. The seller originally thought that there would be little risk when the other party brought cash to the bank for remittance, but their bank card was frozen after receiving the payment.

After communicating with the investigating officer, we learned that the tens of thousands of yuan were actually proceeds of fraud, but the buyer's personnel withdrew cash from the bank and remitted it to the seller.

Misconception 3: Having a guarantor can ensure fund security

Does having a guarantor guarantee the safety of the transaction and the legality of the funds? Friends familiar with the virtual currency market will know that in some off-exchange USDT transactions, both buyers and sellers will seek a neutral third party as a guarantor, responsible for coordinating the transfer and exchange of USDT, and also acting as a witness. The role of the guarantor in the transaction is mainly to ensure its safety and reliability. Reliability can be guaranteed to a certain extent, after all, the exchange of money and USDT can be carried out under the witness and intervention of the guarantor. However, it is very difficult to completely ensure the security of the transaction through the third-party guarantor, as we still do not know the buyer's relevant information and the source of funds.

Recommendations from Lawyer Mankun

If a cardholder is inadvertently affected during the USDT transaction process, what should they do? Here are some suggestions from the lawyer.

1. During the USDT transaction process, try to verify the identity and relationship of the counterpart and payer. If the buyer is connected through the internet, regardless of the WeChat account they use, try to confirm the true identity of the counterpart and payer, as well as the relationship between the counterpart and payer (many transactions involve instructing others to make payments, which increases the risk).

2. Regarding the security of funds, it is best to clarify the source of funds and can inspect it by requesting the buyer to provide a certain period of bank statements.

3. Try to avoid off-exchange transactions with unfamiliar online personnel, and it is best to buy and sell USDT through acquaintances in real life, such as friends or acquaintances. This way, even if problems arise during the transaction, we can find the relevant individuals, and not be left helpless after the bank card is frozen and blacklisted.

4. During the transaction process, try to keep a complete record and do not delete chat records to avoid losing relevant records due to leaving or being removed from the group.

If everyone has fulfilled their duty of care and still inadvertently has their bank card frozen, there is no need to panic. They should apply for unfreezing as soon as possible, following these steps:

• Inquire with the bank about the freezing authority and get in touch with the responsible officer.
• Submit relevant explanations and evidence materials to exclude personal suspicion of involvement in the case. For cases that meet the unfreezing conditions, the public security will unfreeze the account.
• If the public security raises doubts and requests during the unfreezing process, on one hand, the cardholder should cooperate with the investigation, and on the other hand, they should handle it flexibly to protect their own rights.

We hope that every participant in USDT transactions can raise their risk awareness and safeguard their fund security. Currently, having a bank card frozen is a common occurrence, and even if it happens, there is no need to be overly anxious and worried. As long as we handle it with a positive attitude and the correct approach, we can generally obtain appropriate unfreezing results.

Special Statement:

This article is an original work of Shanghai Mankun Law Firm, representing the personal views of the author and does not constitute legal advice or legal opinions on specific matters. If the article needs to be reprinted, please contact the staff of Mankun Law Firm: MankunLawFirm

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