Cryptocurrency casino platform Rollbit seems to have come under the scrutiny of regulators. Rollbit says it has not received any warnings from officials that its “operation is in trouble,” but says that traders are not convinced and the platform has sold the RLB altcoin project. Here are the details…
Rollbit’s altcoin project crashes hard
Crypto casino Rollbit has seen a drop in the RLB token price after concerns over its licensing and regulatory compliance. Although the platform claims that it has not received any warnings from the authorities that its operations are in trouble, some traders are selling their RLB tokens due to uncertainty about the status of the Rollbit license. CoinGecko data shows that Rollbit Coin (RLB) has dropped 20 percent in the last 24 hours and 37.5 percent in the last two weeks, which has sparked speculation and concern among traders.
Cryptocurrency users on Twitter also noticed that Rollbit has removed information regarding its license from Curaçao, a Dutch-owned Caribbean island known for its offshore online gambling. Rollbit recently added crypto derivatives trading to its platform, which is not covered by its current license. This has led some users to raise concerns about the platform’s regulatory compliance. Also, some users noticed that information about crypto derivatives is hidden until the user logs in, which raises more questions about transparency.
Rollbit says it will provide updates
Rollbit responded to these concerns on Twitter, saying it is actively communicating with the licensor about the license renewal process and will provide updates as soon as possible. The platform also claims that the licensing regulator is in widespread demand during the renewal period. It also points out that it has implemented minor UI changes based on the editor’s recommendations. The online casino stressed that it has a diligent legal team that ensures the legitimacy of its operations and that its operations are running smoothly with no issues with deposits or withdrawals.
Rollbit’s case highlights the importance of regulatory compliance and transparency in the cryptocurrency industry. cryptocoin.com As we have reported, while regulators around the world take strict measures on crypto exchanges and platforms, it is of utmost importance that companies ensure that they fully comply with all applicable laws and regulations. Likewise, for Rollbit to regain the trust of its users and investors, the platform may need to provide more clarity and transparency. As a result, although Rollbit has not received any signs from the authorities that its operations are problematic, concerns expressed by traders and users about the status of its license and regulatory compliance have caused the price of the RLB token to plummet.
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