link3528 link3529 link3530 link3531 link3532 link3533 link3534 link3535 link3536 link3537 link3538 link3539 link3540 link3541 link3542 link3543 link3544 link3545 link3546 link3547 link3548 link3549 link3550 link3551 link3552 link3553 link3554 link3555 link3556 link3557 link3558 link3559 link3560 link3561 link3562 link3563 link3564 link3565 link3566 link3567 link3568 link3569 link3570 link3571 link3572 link3573 link3574 link3575 link3576 link3577 link3578 link3579 link3580 link3581 link3582 link3583 link3584 link3585 link3586 link3587 link3588 link3589 link3590 link3591 link3592 link3593 link3594 link3595 link3596 link3597 link3598 link3599 link3600 link3601 link3602 link3603 link3604 link3605 link3606 link3607 link3608 link3609 link3610 link3611 link3612 link3613 link3614 link3615 link3616 link3617 link3618 link3619 link3620 link3621 link3622 link3623 link3624 link3625 link3626 link3627 link3628 link3629 link3630 link3631 link3632 link3633 link3634 link3635 link3636 link3637 link3638 link3639 link3640 link3641 link3642 link3643 link3644 link3645 link3646 link3647 link3648 link3649 link3650 link3651 link3652 link3653 link3654 link3655 link3656 link3657 link3658 link3659 link3660 link3661 link3662 link3663 link3664 link3665 link3666 link3667 link3668 link3669 link3670 link3671 link3672 link3673 link3674

Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Bitcoin investors BANNED from using their mega-profits to buy houses amid money-laundering fears

Investors who’ve made a mint are now trying to cash in on their sudden windfall by milking the UK’s property boom.

BITCOIN investors are being knocked back by mortgage lenders amid fears about money laundering.

The price of the virtual currency has rocketed nearly 1,500 percent in the past year.Some have made massive profits on Bitcoin but are facing obstacles because of transparency fears And now investors who’ve made a mint are trying to cash in on their sudden windfall by investing in the UK’s property bubble.

But lenders are now worried about the source of the cash and have been rejecting them for mortgages.

Broker Mark Stallard said one investor had a £40,000 deposit pot after investing in bitcoin but even he was denied a loan.

Mr Stallard, from House and Holiday Home Mortgages: said: "The first mortgage lender I rang asked me what a cryptocurrency was.

"I rang two other lenders and they said they would not touch it.

"When I mentioned where the money had come from there was massive reluctance to help or understand the problem.

"I do not believe the mortgage providers in general are ready for this issue and research tells me that a lot more people will be knocking on our doors with funds made or raised in this fashion.”

The perceived problem with cryptocurrencies, such as bitcoin, are that they are not regulated by central banks. Instead they are held digitally by people using electronic identities which allow them to remain anonymous and so could be used by criminals.

Several building societies said they would not accept a deposit derived from a cryptocurrency, while banks including Santander, Nationwide and Aldermore said they had no formal policies.

The Building Societies Association said: "There is currently no regulation of these electronic currencies, which puts them into the highest risk category in relation to money laundering.

"In addition, it is well known that such currencies are popular with criminals, who use them to launder the proceeds of crime.”

 

Author: By Patrick Knox 13th January 2018, 3:44 pm

 

Posted By David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreenur

Of course if you pay cash for the property, a bank may also want to know the source of the funds, So maybe you could get the seller to accept Cryptocurrency and record the transaction on the blockchain, which opens up a new ball game.

Alan Zibluk Markethive Founding Member