Recently, some partners have contacted Sister Sa's team to inquire about the legal risks of exchanging cryptocurrencies (especially USDT), as well as the basic channels and practical operation methods. Today, Sister Sa's team will briefly explain the legal risks and feasibility of some current "oil-out" channels, helping everyone to use and dispose of crypto assets legally and compliantly.

It is important to note that this article is aimed at ordinary users with clean sources of funds, who buy and hold coins solely for personal daily consumption and normal investment activities. All methods detailed in this article are known to Sister Sa's team during the process of providing legal services to clients. Sister Sa's team has no financial ties to the channels themselves, and the opinions expressed are solely those of the team, for reference only.

01. Licensed Crypto Exchanges in Hong Kong + Brokerage Channels to Exchange USDT

Currently, the list of licensed crypto asset exchanges (or operating entities) announced by the Hong Kong Securities and Futures Commission has reached 7, with 4 licenses released just a few days ago, indicating the prosperity of crypto assets in Hong Kong.

According to Sister Sa's team's practical experience, using Hong Kong channels to exchange USDT is actually a legal and compliant method with low legal risks. However, it should be noted that currently, cryptocurrencies like USDT cannot be directly traded on licensed exchanges and need to be assisted through BTC/ETH spot channels. For specific operations, let's take HKVAX as an example.

HKVAX is backed by the well-established brokerage "Victory Securities" (stock code: 8540.HK), a fully licensed brokerage in Hong Kong that already held licenses 1, 2, 4, 6, and 9 before entering the crypto asset sector. In 2023, it also obtained licenses for crypto asset trading, consulting, and asset management services from the Hong Kong Securities and Futures Commission. Therefore, it can legally use Hong Kong's BTC/ETH spot channels to help users exchange USDT for BTC, ETH, or other fiat currencies, with a very short trading cycle that is basically unaffected by market financial risks. After the exchange is completed, the funds (in HKD or USD) will be transferred to a bank account in Hong Kong.

The advantage of this method is that it has good compliance for exchanging USDT, with a clear funding chain and a low possibility of receiving illicit funds, thus almost no risk of card freezing. However, there are also disadvantages. First, residents from mainland China cannot directly open crypto asset trading accounts, so using this channel may require reliable overseas friends or relatives for assistance. Second, this exchange method may require physical presence in Hong Kong (to open a bank account, etc.), which can be cumbersome and inconvenient for small amounts of USDT.

02. Major Exchanges like Certain An and Certain K Can Sell USDT via OTC

This method has the lowest cost and can be operated by opening an account independently. However, it should be noted that this channel has become one of the easiest ways to receive illicit funds. Receiving illicit funds may not only lead to the freezing of bank cards, rendering the funds unusable, but may also result in subsequent confiscation by judicial authorities in our country.

If you choose this method to exchange USDT, Sister Sa's team recommends checking the trading records and reviews of the trading platform to select a counterparty with a high reputation, avoiding those with poor trading credibility and significantly abnormal trading records.

03. USDT Cards for Cash

Regarding the compliance of USDT cards, Sister Sa's team has already published an article explaining this:

Sister Sa's Team | Can Ordinary People Use USDT Cards? Will USDT Card Issuers Encounter Issues?

Overall, the issues are not significant, and some USDT cards can even be linked to apps like WeChat, a certain yellow kangaroo, and a certain blue wallet for use.

However, USDT cards also carry risks. Currently, the most common ones are Mastercard or UnionPay USDT cards, which have relatively safe sources of funds, but there are too many card agents, so one should choose a reliable one that can pass KYC. Some USDT card service providers have indeed stopped services suddenly. This year, Sister Sa's team received inquiries from several partners stating that their previously established USDT card service providers suddenly ceased to provide services to users in mainland China a few months ago, leaving them with funds stuck in the card, causing a lot of trouble.

04. Currency Exchange through Crypto Merchants

The risks associated with currency exchange through crypto merchants are similar to those of OTC withdrawals from exchanges. There is also a possibility of receiving illicit funds, leading to card freezing or being summoned as a witness. Sister Sa's team has even handled extreme cases where individuals were investigated as suspects (accomplices) due to multiple exchanges with crypto merchants.

Overall, the risks associated with crypto merchants are relatively high. One should not easily trust so-called "card freezing guarantees" or "card freezing compensations." Unless there is a very reliable and well-known partner, do not choose this path to exchange USDT.

05. Offline USDT Exchange in Hong Kong

This method generally requires a bank card from overseas (Hong Kong is acceptable). Sister Sa's team has accompanied clients to Hong Kong to observe the process of exchanging USDT at various offline small shops.

There are two types of physical stores in Hong Kong: one is ATMs, and the other is small offline shops. Generally, these small shops do not register customer information for daily transaction amounts below HKD 120,000, allowing for quick exchanges. For transactions exceeding HKD 120,000, simple KYC is required, and the handling fee generally fluctuates around 4%.

Overall, Sister Sa's team believes that for ordinary users with clean sources of funds, who buy and hold coins solely for personal daily consumption and normal investment activities, this is indeed a low-cost and convenient channel. However, there is also a risk of receiving illicit funds, so it is recommended to exchange at more stable and long-established stores in areas like Mong Kok or Tsim Sha Tsui to prevent unexpected incidents.

06. Final Note

It is important to note that there is currently no so-called "completely safe" or "perfect" USDT exchange plan. Even the concentrated solutions provided in this article still carry risks of receiving illicit funds and high transaction costs. Partners are advised to consider carefully before proceeding and not to make hasty decisions.

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