Business Overview
Business Introduction
Overview
Coin withdrawal (also referred to as "withdrawal" or "releasing funds") denotes the transfer of cryptocurrency held on a trading platform or in a personal wallet to an external target address (e.g., another trading platform account, a personal digital wallet, another recipient's address). Its core characteristics and use cases are as follows:
- Nature of the service: Broadcasting transactions over the blockchain network to effect cross-address transfers of digital asset ownership, relying on a dual mechanism of platform review and on-chain confirmations to ensure security.
- Common scenarios: Asset transfers (between platforms), personal storage (transfer into a hardware wallet), transaction payments (sent to the counterparty’s address), and fiat realization (first transferring to a platform that supports withdrawals), among others.
- Key rules: The token must be matched to its corresponding blockchain network (e.g., USDT’s ERC-20/TRC-20) and is subject to platform rules such as KYC verification, withdrawal limits, and security checks.
Withdrawal Procedure
The basic process for coin withdrawals:
- Preliminary preparations: confirm basic prerequisites
- Initiate a withdrawal request (using a trading platform as an example)
- Complete security verification and submit
- WBO work order approval process
- Await platform review and on-chain confirmation
- Confirm the credited status
Note: Virtual asset accounts are recorded as a combined "cryptocurrency + quoted currency" instrument: deposits and withdrawals are recorded on a per-cryptocurrency basis, and when synchronized to the securities account, posting is made using the combined instrument (for example, cryptocurrency ETH priced in USD is posted as "VA/HAS/ETHUSD"). When debiting, the system prioritizes deduction from the cryptocurrency with the largest available balance; if that balance is insufficient, deductions are automatically taken from the next-priority cryptocurrency.