How to Avoid Freezing Currency Withdrawal to Bank Card? Practical Tips

Abstracts:

As the cryptocurrency market grows, more and more people are choosing to withdraw their funds on exchanges such as Coin and transfer them to their bank cards. Due to the increasingly strict regulation of cryptocurrencies in different countries, many users have encountered the problem of frozen withdrawals. In this article, we will analyze how to avoid cryptocurrency withdrawals to bank cards being frozen, and provide practical tips and suggestions to help users complete the withdrawal process smoothly and reduce unnecessary risks and troubles.

1. Ensure that the identity verification has been passed

Before using Coin to withdraw funds, you should first make sure that your identity verification has been successfully completed. As a compliant trading platform, Coinsure has strict requirements for user identification. If you fail to complete the KYC (Know Your Customer) process, withdrawals may be frozen or delayed. Therefore, it is important to make sure that your identity information has been uploaded and verified before making any fund transfers.

Suggested Steps:

1. After logging in to your account, go to your Personal Center and click on "Authentication".
2. Submit valid identification, such as a passport, driver's license or ID card, upon request.
3. Upload a clear selfie and hand-held photo of the card and ensure the information is true and valid.

Only after these steps have been completed and verified can the withdrawal operation proceed smoothly.

2. Verify the withdrawal address and card information.

When withdrawing cash, be sure to check that your card information is correct, especially the card number and the name of the payee. This is one of the keys to avoiding a freeze. If you provide incorrect bank information or if it does not match the information on your CurrencySafe account, the bank may refuse to process the transaction and CurrencySafe may freeze your withdrawal due to the risk of an unusual transaction.

Practical advice:

1. Make sure that the account name on your bank card is exactly the same as the name registered on your Money Security account.
2. Verify the correctness of the card number and the bank it belongs to.
3. If there are any unusual circumstances (e.g., if you have recently changed your bank card), please update the relevant information on the coin.

Ensuring that this information is correct can effectively reduce the risk of freezing.

3. Avoid frequent small cash withdrawals

Frequent small withdrawals may attract the attention of banks and Money Security and may trigger a risk monitoring mechanism that could result in a freeze. Most banks and payment platforms view frequent small transactions as suspicious activity, which can easily be perceived as a precursor to money laundering or other illegal operations. Therefore, avoiding frequent, small and unnecessary withdrawals will help protect your money.

Suggested Strategy:

1. Try to avoid multiple withdrawals in a day, especially for small amounts.
2. By withdrawing as much as you need, you reduce the risk of being challenged.
3. If you need to make multiple withdrawals, it is best to adjust the withdrawal amount to a larger one-time withdrawal.

This reduces the need for banks to monitor your trading behavior.

4. compliance with bank policies and regulations

Each bank has a different attitude and policy towards cryptocurrencies. Some banks may place additional scrutiny on the movement of funds from cryptocurrency exchanges or even prohibit such transactions. Therefore, it is important to understand and comply with the policies of the bank you are using.

Practical advice:

1. Find out if your bank supports cryptocurrency exchange fund withdrawals before making a withdrawal.
2. Find out if there are any additional restrictions or declaration forms that need to be completed.
3. Contact your bank to find out if there are any specific risk prevention measures that can help you avoid problems during the withdrawal process.

This is a good way to prepare in advance to avoid the bank freezing your funds.

5. Cryptocurrency-friendly banking and payment platforms

Some banks and payment platforms are more friendly to cryptocurrency trading, and these banks generally have more open policies regarding the movement of cryptocurrency funds. If you trade cryptocurrencies regularly, choosing these banks will greatly reduce the risk of freezing your funds.

Recommended Platforms:

1. CITIC Bank in Taiwan: Supports fund transfers from exchanges such as Coin and offers cryptocurrency-friendly services.
2. International payment platforms such as Paxful, TransferWise (now known as Wise)These platforms are relatively open and can process cryptocurrency-related withdrawals quickly.

When choosing one of these banks or payment platforms, it is important to check their policies to avoid having your funds frozen due to unclear bank policies.

6. Avoid using anonymous or third-party payment platforms

When using anonymous or third-party payment platforms for CoinSafe withdrawals, you may be exposed to greater risk. These platforms are difficult to verify the authenticity and compliance of transactions and are therefore suspected of being involved in money laundering or other illegal activities, which may result in the withdrawal being frozen.

Recommendation:

1. Always use a bank card or payment account in your own name to withdraw funds.
2. Do not transfer funds to an account in someone else's name as this increases the risk of being frozen.

Ensure that your funds flow to legal and compliant payment channels to avoid unnecessary risks.

7. maintain records of transactions and proper usage

Maintaining clear and proper transaction records is also key to avoiding a freeze on your Money Security withdrawals. If the source of your funds is unclear or your transaction behavior appears unusual, this may attract the attention of the bank and Currency Security. Therefore, keeping good proof of funding sources and transaction records can provide you with greater protection.

Practical advice:

1. Keep detailed records and supporting documents for each transaction.
2. If possible, prepare documentation in advance that proves the source of funds.
3. Comply with the rules and regulations of the CoinSafe platform and avoid any improper or high-risk operations.

These measures will enable you to provide sufficient evidence to prove the legitimacy of the transaction when you face scrutiny from your bank or currency security.

Conclusion

To summarize, the core of avoiding frozen money withdrawals to your bank card is to ensure compliance, choose the right payment method, maintain a transparent transaction record, and comply with the bank's relevant regulations. Although every user's situation is different, by following the above practical tips, you can significantly reduce the risk of frozen funds and ensure smooth withdrawals. Hopefully, the advice in this article will help you stay safe during your cryptocurrency transactions and make every withdrawal a smooth one.