Peer-to-peer Bitcoin Trading Platform Roolo Stops Paying Out Users

Bitcoin allows people in the world to do many exciting things, and new platforms are being created around the clock. Roolo used to be one of those innovative concepts, which lets users buy and sell Bitcoin in a peer-to-peer fashion. But it looks like the platform is dealing with serious issues, and transactions are no longer being processed. A rather worrisome sign, as there is no official explanation from the owner.

Roolo is Dealing With Many Issues

As soon as visitors open up the Roolo website, they will be greeted with a warning about the current site security. No secure server connection could be established, as the SSL certificate seems to have expired or misconfigured. Not a positive sign for any platform dealing with financial transactions.

What Roolo does is enable Bitcoin peer-to-peer trading. Albeit cryptocurrency is designed to be used in a P2P environment, most people prefer to rely on centralized solutions. With Roolo, users can trade cryptocurrency with their peers, as well as advertise the purchase or sale of Bitcoin

All in all, this solution sounds very promising, as it seems to primarily target UK users. Then again, anyone in the world can make use of the platform, and many different payment options are available. Moreover, the company claims to use multisig addresses and only charges 0.5% fees per trade.

Unfortunately, it appears trading on the platform is the last thing Roolo users may want to do right now. One user posted on Reddit how withdrawals are being marked as processed, while there is no transaction ID included. Nor are the transactions visible on the blockchain, which is not a good sign.

It is always possible the website operator is dealing with some issues which prevent the service from running smoothly. Then again, someone is making withdrawals as processed, indicating there is some backend activity. This is one of the main problems when dealing with third-party platforms who control user funds: you never know what happens.

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