Rollbit, a popular crypto casino platform, has experienced a significant drop in the value of its RLB token following concerns about the status of its license. As per sources, the platform claims that the Curaçao authorities are currently undertaking an annual license review, which is why its logo has been removed from the site.
Although Rollbit says it has not received any indication from the authorities that its operations are problematic, traders are still not convinced and are selling the RLB token. According to CoinGecko data, RLB has fallen 20% in the last 24 hours and 37.5% over the last two weeks. This decline has been noticed by the crypto community on Twitter.
Rollbit has recently added crypto derivatives trading to its platform, which is not covered by its current license.
Rollbit, the crypto casino, is currently facing licensing concerns that have caused its token, RLB, to drop by 20%. Rollbit’s license is currently under an annual review by Curaçao authorities, and its logo has been removed from the site. Crypto Twitter users have pointed out that the platform has removed information about its license from Curaçao, which is known to be an offshore hub for online gambling.
Furthermore, Rollbit recently added crypto derivatives trading, which is not covered by its current license. Information pertaining to crypto derivatives is hidden until the user logs in, raising concerns for some traders. Rollbit has stated that it is communicating with its licensor about the renewal process and will provide an update soon.
Rollbit has also assured its users that it has a diligent legal team ensuring the legitimacy of its activities. The platform claims that it has implemented minor user interface changes based on its licensor’s recommendations, which is a common request during the renewal period. Additionally, Rollbit stated that its operation continues to run smoothly with fully covered balances and no issues with deposits or withdrawals.
Despite this, the drop in the value of the RLB token suggests that the crypto community is not entirely convinced by Rollbit’s reassurances.
The concerns about Rollbit’s license status highlight the importance of transparency in the crypto industry, particularly in relation to offshore hubs for online gambling such as Curaçao.
