Rollbit (RLB), the popular crypto-casino token, has experienced a significant drop in its value, plunging by 17% in a single day.
The sudden drop in price is reportedly due to issues with the project’s license. Recent data from CoinGecko reveals that the token has dropped by a staggering 37.5% over the past two weeks.
To address the concerns surrounding the license, Rollbit has removed all information related to its license from Curaçao, a Dutch island in the Caribbean that is renowned for offshore online gambling activities.
The crypto casino has, however, assured its users that it is actively negotiating a renewal of its license and will keep them updated as soon as possible.
Rollbit’s representatives have stated that license renewal is a standard procedure for platforms that have permission from the authorities of Curacao.
They have also emphasized that their legal team is working hard to ensure the legitimacy of their activities, and users are not experiencing any issues with deposits or withdrawals.
Interestingly, Rollbit has mentioned that NFT products and Crypto Futures do not require a gaming license.
However, the recent decision by Twitch not to allow broadcasts of gambling with digital assets at the end of 2022 has put pressure on platforms like Rollbit to ensure that they comply with all relevant regulations.
While the company has expressed confidence in the legitimacy of its activities, it remains to be seen how the license renewal negotiations will play out.
Nevertheless, Rollbit remains committed to maintaining transparency throughout the process and ensuring that its users are not negatively impacted.