Rollbit Crypto Casino RLB Token Drops 20% Due to Licensing Issues

Online gambling is one of the earliest uses of cryptocurrencies, and many online gambling platforms have had many inconsistencies and have been abandoned by crypto casinos. For example, cryptocurrencies allow people to deposit and withdraw at any time with low thresholds, without having to rely on the banking system. Crypto casinos use blockchain technology to offer games where players can verify for themselves that the results are fair.

Not surprisingly, with the growing popularity of cryptocurrencies, the demand for crypto casinos is as strong as ever, and Rollbit is one of them.

Since February 2020, Rollbit has risen rapidly in the rankings by offering various games and trading functions that support cryptocurrencies.

Recently, authorities in Curacao — a Dutch Caribbean island known as an offshore online gambling hub — reviewed Rollbit’s annual license, raising concerns about legal issues. France. Crypto Twitter noticed that Rollbit removed information about the Curacao license.

However, the casino claimed that it had not received any indication from authorities that there was “a problem with the operation of the platform”. However, the announcement still failed to reassure traders, leading to a sell-off of the platform’s native token, RLB.

CoinGecko data shows that RLB is down 20% in the past 24 hours and -37.5% in the past two weeks.

Source: Coinecko

Rollbit recently started offering cryptocurrency derivatives trading, which is not currently covered by the license. Some users noticed that information about cryptocurrency derivatives was hidden until users logged in.

“We are actively communicating with licensing agencies regarding the extension and will provide an update as soon as possible,” Rollbit said in a Twitter update. “While this is generally an internal process, we recognize the importance of transparency to this important aspect of our business.”

The online casino said it has made minor changes to the user interface based on the licensing body’s recommendations, a common requirement during renewal periods.

“We have a diligent legal team in place to ensure the legality of our activities. Our operations continue to run smoothly, with balances fully secured and deposits and withdrawals without issue.”

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According to Coindesk

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