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

Crypto casino Rollbit says it hasn’t received any indication from authorities that its “operation are problematic,” however traders are not convinced and are selling the platform's RLB token.

CoinGecko data shows that RLB is down 20% in the last 24 hours, or 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.

Rollbit recently began to offer crypto derivatives trading, which is not 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.”

Today our community raised some concerns regarding our license status, which we're addressing below.

- Our license is currently in its annual renewal period, a standard procedure for Curaçao-licensed platforms like ours.

- We are actively communicating with our licensor about…

— Rollbit (@rollbitcom) March 31, 2023

The online casino said it has implemented minor user interface changes based on their licensor's recommendations, which it claims is a common request during the 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 did not immediately respond to a request for comment.