Crypto casino Rollbit has been facing licensing concerns that led to a drastic drop in the value of its token. The platform’s native token RLB, fell by 20% in 24 hours and an overall 37.5% over the last two weeks.
Rollbit is mainly being accused of operating without a proper license. The platform has garnered attention from the cryptocurrency community, who have raised concerns about its license status. In response to these concerns, Rollbit has released a statement addressing the issue.
Rollbit confirmed the licensing issues with a Twitter post, but reassured investors that the company was working to resolve the situation as soon as possible. The post stated that discussions with regulators are ongoing in affected jurisdictions and they are optimistic about obtaining the necessary licenses:
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
Rollbit’s official statement had a confident tone from the beginning about the casino’s long-term prospects and obtaining the necessary licenses and rebuilding trust. For that reason, it was not surprising that that Rollbit has successfully renewed its license and announced the news on Twitter on April 5th:
We're happy to announce that our license has been successfully renewed.
We'd like to thank our community for their unwavering support and patience throughout the renewal period. https://t.co/fI4FdMtqSj
— Rollbit (@rollbitcom) April 4, 2023
Although Rollbit seems to be off the hook for the time being, it is imperative for gamblers who are enthusiastic about cryptocurrencies to conduct thorough research and exercise prudence while interacting with online gambling platforms.
