xReminisce
Elite Member
- Dec 29, 2012
- 7,329
- 36,738
1. I used Binance when I withdraw ridiculously large sums, the only exchanger i personally trust in managing huge sums.So, if you've ever withdrawn USDT from your wallet application (on your smartphone) can you please answer these questions:
1. do I need an account with any of those networks (Binance for example since this is - apparently - what my father's wallet is asking me to use), or can I withdraw the USDT directly to my bank account without needing an account with those websites like Binance? If I can do it without a Binance account, can you please guide me on how to do it? Or at least give some important tips that would help me complete the process fast and without hassles.
I am from Romania by the way, so I will need to withdraw this money into a Romanian bank account
2, If an account with Binance is needed, can we withdraw the money fast and clean, or will it take weeks / months of warming the account up, building up credibility, etc?
3. Are there any limits on the amount of USDT that can be withdrawn per day / week / month / year? I will check Binance's website for answers to all of these questions, but given the state of affairs with the big companies nowadays I am finding it harder each day to trust these crooks, that's why your personal experience is more important to me than what their sales and marketing teams wrote on their websites.
4. Regarding the KYC, which documents do I need at any step of the process (creating Binance account, converting USDT into cash, withdrawing the cash)?
4. Last but not least, are there other (non-obvious but dangerous) things I should be wary of with this industry? My entire involvement with the crypto industry had been a loss of 100 Euros in a scam about 2 years ago, and since then I've been staying away from this industry without regret. Unfortunately, this is not possible this time around as I'm doing this on the behalf of my father's because he is even more clueless about crypto than me, and it's a long and ugly story on how he got pulled into crypto, so please don't ask! All I know is that the person who handled all of his transactions is gone missing (what a shock, huh?) and now I have to do this myself...
Anyway, which things should I be wary of / concerned about before withdrawing this money? Thanks!
2. It is near instant, but can vary by your own bank's transfer times. I personally never waited longer than a few minutes to see it on my bank balance.
3. Yes there is withdrawl limited based on your own binance account https://www.binance.com/en/support/...-btc-to-busd-df68592bc7ea420eb0b9d188d8f440bc
You should also see your own personal limit in profile https://www.binance.com/en/my/settings/profile
4. https://www.binance.com/en/support/...ification-for-a-personal-account-360027287111
Basically, a live picture of you, address, and ID
5. If you do it directly through Binance Withdrawl, you have very little to be worried about
However, if you do it via Binance P2P for "better rates". there is potential scams out there..
Also, depending on which exchanger you KYC, there is always potential leaks and what not. Only KYC on exchangers you trust.
Further, Regarding fees and tax and what not.. Depending on your own local laws, gov can always force an exchanger to provide them any details on you..
Also, the moment your money hit your bank account.. Once again, depends on local law.. gov can also see that money.. hence tax once again.
To minimize crypto tax, you should honestly see a specialized crypto tax accountant on the best way to move your crypto assets

