Rollbit Casino loosing value due to Licensing Ambiguity amongst users

[Flexystar]

Just recently news came out regarding Rollbit casino which is popular amongst thousands of users here on the forum as well as outside this community. Rollbit also has its token with the ticker RLB. After the news came in regarding its licensing issues community has been aggravated since then and RLB is losing its value at an alarming rate. The token has fallen by 20% in jus the last 24 hours which is devastating for the Rollbit casino itself.

The reason for the fall is simple, Rollbit has not been able to tell the community freely that they don't have any such issues. This has created ambiguity among everyone. This might be making everyone leave the casino and sell their RLB tokens if any.

This also makes us think that factual analysis of the company matters a lot when it is listed on the exchanger and could impact the pricing in long run.

All they have to say is their license is on annual period however its still unclear if they have it running or not.

Rollbit says Curaçao authorities are currently engaged in an annual license review, which is why its logo is removed from the site.

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.

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

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[Maus0728]

The last time I heard, rollbit says it's about user interface (UI) issues  . Now, apprarently, it turns out that there is a bigger issue going on with their license not being renewed before the expiration date.

Well, why in the world Rollbit did not take into account the renewal before the so called "expiration"?  And what's this?

Curaçao casino legislation does not recognize renewal of casino licenses. Every 3 years a new casino license application must be submitted and processed.

[Darker45]

Something doesn't seem right with Rollbit. It's unfortunate that while they are slowly building up their reputation rather smoothly it seems they are doing something fishy backstage. I smell greed.

Well, first and foremost, it seems to me that gambling and trading don't really go along quite well. I've just read the news of Beaxy, a centralized exchange that just ended its operation, whose founder misused the company's funds, some of which went to gambling. There was also the infamous Sam Bankman-Fried who allegedly lost at least a hundred million of FTX's funds to gambling.

It's also worth noting how this derivative trading that they are offering is hidden. And it's primarily because it isn't licensed at all. And these two products, casino and exchange, are offered in the same platform. I doubt Curacao, notwithstanding its questionable process, would approve of it had they known it.

[adaseb]

The timing of all of this is fishy.

Normally when you go to the site, you would see the crypto futures listed. However now you need to be logged in to see the crypto futures. With everything going on with regulations and their issue with the license, I think that they got some warning. Especially now with so many crypto exchanges facing regulatory hurdles.

Also the way they responded to the license renewal period just made themselves dig in a bigger hole. I would becareful using the site in the short term.

[Don Pedro Dinero]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

[Jawhead999]

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

It's their choice if they want to continue or pause the campaign, just like how the old scam casino still actively run a signature campaign in this forum I didn't meant to say Rollbit is scam. Although this legal problem seems to be serious for many people, but there's no one get scammed yet, so I think this problem will not ruin their reputation. But to be safe any gamblers who have funds on Rollbit need to withdraw it.

@OP why this matter discussed on economics section? this should be moved to gambling discussion section.

[Strongkored]

This issue has been answered and also explained through their Twitter account https://twitter.com/rollbitcom/status/1641595016974876673 and also in their official ann thread here https://bitcointalk.org/index.php?topic=5326640.msg62012694#msg62012694

regarding the RLB token that has decreased, what can be done for a token that only has a trading volume of $2milion per day? and is only available on DEX and even one of the DEXs is not well known so bad news without clarification will be very impactful and a decline of more than 10% is very easy to happen.

[Odusko]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

Just asking for clarification's sake: what os the need to pause their signature campaign when the site is working and players are playing and withdrawing the winning without any problem?
The license expiration has not forced the site to close down at least for now, so long as they keep the site running and working on renewing the license or better still applying for a new one it makes no sense for them to shut down anything before doing so, but the thing is that the team fucked up by not renewing the license on time before it expires.

[piebeyb]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

Just asking for clarification's sake: what os the need to pause their signature campaign when the site is working and players are playing and withdrawing the winning without any problem?
The license expiration has not forced the site to close down at least for now, so long as they keep the site running and working on renewing the license or better still applying for a new one it makes no sense for them to shut down anything before doing so, but the thing is that the team fucked up by not renewing the license on time before it expires.

Yes, the campaign should continue to run while waiting for confirmation from the rollbit and after all there is also no problem with the campaign, I think the rollbit must immediately clarify this so that there is no confusion or the FUD that makes the price of the RLB Token value plummeted, I am not an active gambler on the site This casino but I see this casino site is quite large so for the license problem should be resolved by the rollbit.

[avp2306]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

Just asking for clarification's sake: what os the need to pause their signature campaign when the site is working and players are playing and withdrawing the winning without any problem?
The license expiration has not forced the site to close down at least for now, so long as they keep the site running and working on renewing the license or better still applying for a new one it makes no sense for them to shut down anything before doing so, but the thing is that the team fucked up by not renewing the license on time before it expires.

Yes, the campaign should continue to run while waiting for confirmation from the rollbit and after all there is also no problem with the campaign, I think the rollbit must immediately clarify this so that there is no confusion or the FUD that makes the price of the RLB Token value plummeted, I am not an active gambler on the site This casino but I see this casino site is quite large so for the license problem should be resolved by the rollbit.

They already released a statement regarding on that situation. So maybe we should wait for the updates on this case since for sure they will work with those license since they can't afford to lose the trust of their existing casino users. They are so successful casino so provably there's competitor just want to light up some fire to fud people and scare them about negative possibilities.

[Beparanf]

We all know that Rollbit is a stable casino for a long time. They can renew their license sooner or later because they have the capability to do that. Dumping the tokens just because of this news while the casino is still working and generating profit continuously is just an overreaction.

Buying the DIP is the best thing to do on this scenario because panic seller just react quickly on the issue without knowing that Rollbit can fix this. Thanks for sharing this news because I’m gonna scoop some of this token.

[livingfree]

I didn't know that such issue is with them about licensing. While they're having a successful run through their signature campaign and the casino has gotten popularity through it, this could be a problem that they can easy resolve.

While I also saw some users accusation against them, this adds pressure not just to their token and casino but to the entire business and their community.

They do have a signature campaign on the forum.

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

Just expect the unexpected if some issues have been raised and marketing operations like campaigns could be heavily impacted but let's see how they handle it.

[slapper]

License? Pfft, who needs a license when you have the power of the gods on your side? Just kidding, don't do that. But seriously, Rollbit has been doing this for a while, and they know how to hustle. They're like the shady uncle who always seems to have a trick up his sleeve. So what if their token is down 20% in 24 hours? That's just a bump in the road, baby. In the crypto world, anything can happen, and it usually does. But let's not forget the big picture here. This isn't just about Rollbit's licensing woes. It's about the whole damn system, man. The world is like a crazy game of Fortnite, and we're all just trying to survive. So what can we do to help Rollbit? How about we start a GoFundMe page? Or better yet, let's make a rap video about their struggles. That'll show 'em we care.

[Fiatless]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

The casino has not been associated with any scams or criminal activities. It's just having a licensing issue that can be resolved within a few days or weeks. There is no need to pause the campaign because customers have not had an issue with deposits and withdrawals. We have not heard a response from the licensor but the Rollbit team has assured its community that its legal team is working hard to make sure this license issue is resolved. As a member of this community, I wish that this problem is resolved as soon as possible. Rollbit is a leading force in the crypto casino industry and I am sure they will come out of this storm.

[piebeyb]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

Just asking for clarification's sake: what os the need to pause their signature campaign when the site is working and players are playing and withdrawing the winning without any problem?
The license expiration has not forced the site to close down at least for now, so long as they keep the site running and working on renewing the license or better still applying for a new one it makes no sense for them to shut down anything before doing so, but the thing is that the team fucked up by not renewing the license on time before it expires.

Yes, the campaign should continue to run while waiting for confirmation from the rollbit and after all there is also no problem with the campaign, I think the rollbit must immediately clarify this so that there is no confusion or the FUD that makes the price of the RLB Token value plummeted, I am not an active gambler on the site This casino but I see this casino site is quite large so for the license problem should be resolved by the rollbit.

They already released a statement regarding on that situation. So maybe we should wait for the updates on this case since for sure they will work with those license since they can't afford to lose the trust of their existing casino users. They are so successful casino so provably there's competitor just want to light up some fire to fud people and scare them about negative possibilities.

that's good. if indeed their team has clarified because that is what everyone who holds their tokens and also their active gamblers might be waiting for, things like this should not happen again and make future lessons to always pay attention to licenses, I have also seen from the thread and Their twitter has clarified this and hope that everything can be resolved soon so that not many FUD take advantage of it.

[abel1337]

They do have a signature campaign on the forum.

[CFNP] Rollbit.com | Signature Campaign | Full Members+ ~ Earn up to $80/Week!

Will it affect this? It would make sense for them to pause or end the campaign if they have these problems.

The casino has not been associated with any scams or criminal activities. It's just having a licensing issue that can be resolved within a few days or weeks. There is no need to pause the campaign because customers have not had an issue with deposits and withdrawals. We have not heard a response from the licensor but the Rollbit team has assured its community that its legal team is working hard to make sure this license issue is resolved. As a member of this community, I wish that this problem is resolved as soon as possible. Rollbit is a leading force in the crypto casino industry and I am sure they will come out of this storm.

It is just a matter of time if they will end up becoming a casino that need to be avoided or not. This issue certainly affects them and I believe also those gamblers that are playing to their casino. We can see how will they react on the ongoing issue and on how they will manage their marketing campaign in this forum. I believe that they are going smoothly with gaining their reputation until this issue arrived. I don't know the current issue they have today is easily renewable since I don't have that much idea about the license and legality of the casino. I hope that they won't make a mess with the reputation they have today.

[RILWAN]

License? Pfft, who needs a license when you have the power of the gods on your side? Just kidding, don't do that. But seriously, Rollbit has been doing this for a while, and they know how to hustle. They're like the shady uncle who always seems to have a trick up his sleeve. So what if their token is down 20% in 24 hours? That's just a bump in the road, baby. In the crypto world, anything can happen, and it usually does. But let's not forget the big picture here. This isn't just about Rollbit's licensing woes. It's about the whole damn system, man. The world is like a crazy game of Fortnite, and we're all just trying to survive. So what can we do to help Rollbit? How about we start a GoFundMe page? Or better yet, let's make a rap video about their struggles. That'll show 'em we care.

Right, in ceyptocurrency market anything can happen, and when the price of a coin that has a solid team such as roll bits goes down it than an opportunity to buy at a low price, because there will be a pump shortly and about the license, we also have casino running without that and I don think license  expiration will warrant shouting down of the site.

[goaldigger]

We all know that Rollbit is a stable casino for a long time. They can renew their license sooner or later because they have the capability to do that. Dumping the tokens just because of this news while the casino is still working and generating profit continuously is just an overreaction.

Buying the DIP is the best thing to do on this scenario because panic seller just react quickly on the issue without knowing that Rollbit can fix this. Thanks for sharing this news because I’m gonna scoop some of this token.

It's current value is still -.85% lower after hitting its peak today, I can't see the panic here.
Anyway, if the license is the only issue then Rollbit can have that easily or else they are planning for something else or they don't see any importance of the license anymore since they are already a established casino. Rollbit have to issue an statement with regards to this one, or else people will continue to panic and this can affect its platform, to be more safe don't store any money on Rollbit for now, just play and withdraw.

[dimonstration]

Right, in ceyptocurrency market anything can happen, and when the price of a coin that has a solid team such as roll bits goes down it than an opportunity to buy at a low price, because there will be a pump shortly and about the license, we also have casino running without that and I don think license  expiration will warrant shouting down of the site.

Actually the action of the team towards hiding the issue of inability to renew their license is the root for the recent commotion that happened on Rollbit. A little act of untrustworthy will surely cause an immediate panic to the token holders.

I think the situation is already under control because the price is already on the recovery phrased. I don’t know what happened but buying the dip yesterday will give instant profit if you will sell today.

[RILWAN]

They may think it is within their privacy right not to disclose the condition of the license to the public, but then I think a reputable casino rollbit should as a matter of formality make a ppublic statement on the condition of things and what their players should expect.