In the cryptocurrency world, if you become a millionaire by trading coins and want to transfer this money back to a domestic bank account, you need to be cautious. A direct transfer might attract attention and be considered as an unclear source of funds, potentially leading to legal issues. However, don’t worry, there are several legal routes you can take.
The first method is: transfer USDT to the BiyaPay wallet, which is licensed in the United States. With BiyaPay, you can convert it into USD and then withdraw it to banks like Wise or OCBC. Although there might be some fees along the way and the exchange rate might not be favorable, the money is completely legitimate. Through Wise, you can transfer USD back to platforms like Taobao, WeChat, or Bank of China, but there is an annual limit. The OCBC 360 account is more convenient, allowing direct withdrawals in the domestic market without the $50,000 limit.
The second method is to withdraw USDT through the Kraken exchange and deposit it into iFAST’s UK bank. Kraken is also fully licensed. This method is legal as well, but you will inevitably incur fees and exchange rate losses.
A reminder: although these methods are legal, it's best to consult a legal advisor before proceeding to ensure every step is safe and secure.
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