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
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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.

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