Crypto Casino Rollbit's Token Drops 20% Amid Licensing Concerns

The firm says Curaçao authorities are conducting an annual license review.

AccessTimeIconMar 31, 2023 at 7:09 a.m. UTC
Updated Mar 31, 2023 at 1:51 p.m. UTC

Crypto casino Rollbit says it hasn’t received any indication from authorities in Curaçao, where it is seeking to renew its license, that its “operation are problematic,” although traders aren't convinced and are selling the platform's RLB token.

CoinGecko data shows that RLB is down 20% in the last 24 hours and has dropped 37.5% over the last two weeks.

Crypto Twitter has noticed that Rollbit has removed information pertaining to its license from Curaçao, a Dutch Caribbean island off the coast of Venezuela, which is known to be an offshore hub for online gambling. Crypto casinos are online gambling apps, where users can make deposits and withdrawals with cryptocurrencies.

Rollbit recently began to offer crypto derivatives trading, which isn't covered by its current license. Some users have noticed that information pertaining to crypto derivatives is hidden until the user logs in.

“We are actively communicating with our licensor about the renewal and will provide an update as soon as possible,” Rollbit said in a Twitter update. “Although this is typically an internal process, we recognize the importance of transparency in such a crucial aspect of our business.”

The online casino said it has made minor changes to its interface based on its licensor's recommendations, which it claims is a common request during a renewal period.

“We have a diligent legal team ensuring the legitimacy of our activities,” it said on Twitter. “Our operation continues to run smoothly, with fully covered balances and no issues with deposits or withdrawals.”

Rollbit didn't immediately respond to a request for additional comment.

Edited by Parikshit Mishra and Mark Nacinovich.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.