Actually, I don't really want to delve deeply into the topic of capital withdrawal and deposit. Overall, I personally lean heavily towards compliant capital flows, as only compliant deposits and withdrawals can minimize risks as much as possible. Recently, some friends have been asking if I can introduce some large withdrawal plans.
The answer is definitely yes, but it doesn't apply to the vast majority of friends, because either you need to solve the issue of overseas identity or the issue of currency exchange. There are no shortcuts to these two problems. If you ask me for the quickest way, here are some options:
In compliant countries on Coinbase, you can instantly deposit and withdraw, especially since USDC is equivalent to USD by default. This can be considered the best option, as long as you are not a U.S. tax resident, you don't have to worry too much about tax issues.
HashKey requires more than just KYC; you need to complete the certification for professional investors to facilitate deposits and withdrawals. You can directly use HKD and USD, and both HKD and USD can be exchanged for "offshore" RMB at banks in Hong Kong.
Kraken can be registered with a Chinese passport and is the most convenient exchange for registration with a Chinese passport among the three exchanges. It supports multiple fiat currencies, but the use of USD is not as convenient as Coinbase, and the use of HKD is not as convenient as HashKey. The most convenient option should be EUR (Euro), which can be transferred to accounts supporting EUR at a minimum fee of 1 EUR within three hours.
There are many more options available, including compliant plans from #Binance and #OKX, but they are not aimed at the general Chinese user, so I won't elaborate further.
In fact, these three options do not require the cooperation of brokers at all. So why would brokers be needed? Because your KYC identity and proof of funds are necessary. These three options are compliant in themselves; compliant KYC + compliant corresponding banks do not need to worry at all.
Many friends say that Wise has a lot of risks, and Huamei has a lot of risks, but that's because you haven't done enough AML (Anti-Money Laundering). In other words, you cannot explain the source of your funds. Wise and Huamei can facilitate deposits and withdrawals through cryptocurrency, although they do not encourage it, it is still not a problem, provided that your KYC + AML is sufficiently complete.
If you have a legitimate long-term overseas identity, you don't need to worry about Coinbase and HashKey. Under normal circumstances, transferring six-figure USD amounts is not a problem. After completing the professional investor certification, HashKey can hold compliant assets of up to 700,000 USD. Coinbase does not have such requirements, so those who really need to go through brokers are almost all users of Kraken + Chinese KYC.
Only brokers can issue a Statement to prove the compliance of your funds (AML). Of course, small amounts of funds are not a concern; even if they enter China, there will be no restrictions. The main issue is a one-time transfer of six figures or more into a bank. If there is no reasonable AML, the bank will refuse to accept it. Therefore, many friends have not understood the importance of brokers. In any country, unlicensed OTCs are non-compliant, and the safety of funds will definitely be affected. It's just that some channels can handle it cleanly, while others cannot.
A compliant overseas exchange + broker is the most compliant deposit and withdrawal plan for Chinese passport holders without overseas identity, with no exceptions.
This post is sponsored by @ApeXProtocolCN | Dex With ApeX
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