Rollbit Casino loosing value due to Licensing Ambiguity amongst users

[GazetaBitcoin]

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.

I believe that, in such cases, operator's first concern is to address the legal issue and not to hurry to shut down the business. If they are facing legal issues, their interest is to have them solved, as by functioning they would earn (obviously) more money than by not functioning, right? Having that in mind, I don't think that they will stop the signature campaign from the forum. Most likely, they will try to fix the legal issue then continue to function normally (this also includes running the signature campaign).

I believe that the campaign would be suspended only if they will be finally forced to completely shut down the business.

[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.

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.

I’m already at 6% profit margin since I purchased yesterday. It’s just too bad that I can’t invest huge amount of money since RLB is only available on Solana Blockchain which sucks right now. I’m not expecting any quick rebound on the current price so I already take my profit and move on. I just realized that RLB token is on the long term downtrend prior to the recent dump die to the FUD.

I think that the price might go lower on the following days regardless if the license issue will be fixed since the token grow a lot since the start of the year. Nice quick profit and I’m not willing to risk it.

[serjent05]

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.

It is possible that Rollbit forgot that renewal isn't applicable for Curacao casino, so their action of renewing the license failed.  But as far as I know, Rollbit representative had already fixing this concern and announced that they are aware of the problem and is fixing it now.  I don't know how long it will take for Rollbit to get a new license but shouldn't they temporarily close until they got their license because at the moment they are operating illegally?

About the value of their token, it is normal to crash because the issue isn't small.  But once the license is secured, the value may probably recover.

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.

I believe that, in such cases, operator's first concern is to address the legal issue and not to hurry to shut down the business. If they are facing legal issues, their interest is to have them solved, as by functioning they would earn (obviously) more money than by not functioning, right? Having that in mind, I don't think that they will stop the signature campaign from the forum. Most likely, they will try to fix the legal issue then continue to function normally (this also includes running the signature campaign).

I believe that the campaign would be suspended only if they will be finally forced to completely shut down the business.

If we look at their announcement thread, a representative already made a statement that they are already fixing the issue.  But since they have no license at the moment, they should temporarily halt operation to prevent some legal circumstances.

[Hispo]

I am not an expert at casino licensing but is not a review from the license issuer considered to be rather benign for the future of the casino? I can understand that the speculation of the market can indeed spark a sell pressure on their token but if they are a competent casino, it should not be a problem for them to solve this situation and carry on being licensed.

It would be a different case if the cause of this review was the token itself, which unfortunately could force the casino to choose between the license and the continuation of the support for their own native token.

If anyone know whether it is possible, please give me a clarification.  

[crzy]

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.

This could be the best way to address the concern of the public, I believe in Rollbit and I know they will do the best action to calm the gamblers and assure them about the safety of the platform. Its token cannot be spare from volatility, so the drop is normal and I think Rollbit should focus more on their current issue, let’s just wait for their official announcement before making any decisions or panicking.

[Lanatsa]

With this line stated on quoted text on op

" - We are actively communicating with our licensor about…— Rollbit (@rollbitcom) March 31, 2023"

This line alone does tell that they are really that making arrangements and trying to resolve out the issue but this isnt really that an issue after all because it is really just normal
that there would really be a renewal on every year specially on licenses or other correlated things.

Token value drop out is just some effect of those holders who had been assuming that somethings wrong with Rollbit and make out that huge sell which did affect the price.
20% drop isnt the end of the world. Those value would come back up if everything had been settled in.

[robelneo]

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.

Rollbit situation is still manageable and the campaign need not be paused unless they have run out of funds their token being down 20% is not new I have Owltoken it was once down over 30% but it managed to recover, the most important thing is for them to give assurance to their loyal followers that their brand will continue to exist and service will still be the same, I am used to seeing Rollbit banners in so many discussion here and I totally agree that they are one platform that is still stable and a trusted brand, hopefully, they can fix this in the soonest possible time.

[dothebeats]

They were a great casino, and this could have been avoided if they paid attention to what their problem is before the launch of RLB. I haven't heard them having problems on other aspects of being a casino, so I think they can handle. Licensing issues often take days or a few weeks to resolve. The only thing Rollbit needs to do is to comply with all of the necessary requirements and they're good to go. Though unfortunately the token is already down by a huge percent. I think they know they have issues but just downplayed the problem in front of everyone thinking they'll get this resolved timely, but unfortunately that's not the case.

[dunfida]

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.

Rollbit situation is still manageable and the campaign need not be paused unless they have run out of funds their token being down 20% is not new I have Owltoken it was once down over 30% but it managed to recover, the most important thing is for them to give assurance to their loyal followers that their brand will continue to exist and service will still be the same, I am used to seeing Rollbit banners in so many discussion here and I totally agree that they are one platform that is still stable and a trusted brand, hopefully, they can fix this in the soonest possible time.

There's no way that they would be pausing up their campaign on just having 20% decline of RLB value.Come to think that they've been launching the campaign and running for long time before RLB existed
which means that they could really be able to sustain on paying up their participants but well, who knows if that would be their plan because everything would really be affected
if ever this company would go bankrupt.There's no way that we could be able to know on what would happen in future but knowing Rollbit, they cant just let their business
go thrown into the water.

[QueenVera]

This is a sad one, and I could only imagine what the Rollbit team mist have been going through now and I really do feel bad for them and why are customers in such a haste to easily sell off their coins?
They shouldn't contribute in making things worst for the casino as I believe that most of the challenges the casino is going through is in quest to please it's loyal customers but now the supposed loyal customers are all leaving the casino ow in the time of trial which is already affecting the Rollbit team so bad as their token is already dropping so bad.
I hope they come out strong from this challenge and I hope other casinos learn from this slight mistakes and always try to appeal the law before the customers.

[Jating]

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.

It's not for us to decide though, but in my opinion, they can continue with their campaign, and I don't think that they are going to close just because of the licensing issue that they are facing and for sure they are going to address it instead of just closing their signature campaign.

They have their reputation already and if I'm not mistaken, they are one of those casinos born out of the pandemic.

So it will be pity if they would just close their operations or worst their signature campaign in this community. As for the coins, again, we have seen a lot of crypto based token that didn't do well in the past but I think their operation is still running.

[wxa7115]

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.

It's not for us to decide though, but in my opinion, they can continue with their campaign, and I don't think that they are going to close just because of the licensing issue that they are facing and for sure they are going to address it instead of just closing their signature campaign.

They have their reputation already and if I'm not mistaken, they are one of those casinos born out of the pandemic.

So it will be pity if they would just close their operations or worst their signature campaign in this community. As for the coins, again, we have seen a lot of crypto based token that didn't do well in the past but I think their operation is still running.

Their signature campaign and whether they keep it running or not right now is probably the least of their problems, the value of their coin has dropped almost 50% during the last month, and when you think about it this is a very poor performance, not only because of the high drop but also because during that month bitcoin and many altcoins did well.

So I really hope they can solve the issues they are going through, because if they do not then it is possible gamblers will begin to not trust rollbit, and for a casino this is a tragedy as without such trust attracting new gamblers will be incredibly difficult.

[tokeweed]

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

I think the concerns about the license is more about Rollbit offering crypto trading services that's not that different from a perp exchange.  Nothing wrong with this per se but it's possible that the Curacao Gaming Control Board saw it as some sort of issue because it's something out of their scope.

And for those who lost money trading RLB, they're just looking for someone to blame.  If you're going to trade something with not much liquidity and with high volatility at the same time, you'll get burned sooner or later.  I mean check RLB's chart out, it went up more than 20x in just a couple of months.  Lol.

Bottom line nobody is getting scammed.  I know I'm in their campaign but I'm not lying either from what info we all know so far...

[Yogee]

They were a great casino, and this could have been avoided if they paid attention to what their problem is before the launch of RLB.

There are casinos that offered tokens before them and never heard or read any issues other than price concerns so Rollbit team probably took that as a good indication for launching RLB. No issues or concerns raised by the licensor in the previous annual renewals so can't blame them if they have not taken more action regarding NFT and crypto futures. I'm guessing the licensor probably have little idea on the impact of having those two in the last two years.

[Hirose UK]

They have their reputation already and if I'm not mistaken, they are one of those casinos born out of the pandemic.

Right friends, Rollbit is one of the best casinos on this forum and they even have a good reputation and many loyal customers at their casino, so far Rollbit has tried to provide the best for its customers and they have managed to survive in the gambling industry for several years .

So it will be pity if they would just close their operations or worst their signature campaign in this community. As for the coins, again, we have seen a lot of crypto based token that didn't do well in the past but I think their operation is still running.

We don't know what they were thinking so closing their operations had a negative effect on the signature campaign on the forum and even made the value of the tokens they owned have decreased significantly to date.
If this ongoing problem is not resolved immediately there will be a lot of bad reviews against them which will also damage their good reputation.

[YOSHIE]

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

In my opinion, if the issue is with the downgrade impact of Rollbit's RLB tokens and another reason is the license triggering user complaints to Rollbit casino, I think they have explained about that.

“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.”

After all they have stated about their legal team going forward.

“We have a diligent legal team ensuring the legitimacy of our activities,” it said on Twitter. “Our operation continues to run smoothly, with fully covered balances and no issues with deposits or withdrawals.”

I'm sure Rollbit didn't let the current issues persist for 'licence' reasons I'm sure they'll update all of that, if it's one of reputation, though, I believe they need some time to renew their yearly license and will sort out the upheaval with Rollbit users, i believe they will be responsible for all that, maybe we will see the latest Rollbit news in next few days regarding licensing and developmentRLB tokens.

[GazetaBitcoin]

“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.”

This statement makes me think I was right with my thoughts expressed above[/quote]

After all they have stated about their legal team going forward.

“We have a diligent legal team ensuring the legitimacy of our activities,” it said on Twitter. “Our operation continues to run smoothly, with fully covered balances and no issues with deposits or withdrawals.”

It was expected -- or, at least, I expected that. Considering that we were not talking about a shady company, there was no reason to think about shutting down operations or an exit scam but, instead, expect to work on the legal issues in order to address and resolve them. Shutting down the business would bring no other money afterwards, while resolving the legal issues and working within a legal framework would certainly bring more incomes in the future.

[Slow death]

I believe people are thinking like this:

when the casino asked for a license, it only asked to operate a casino, there was nothing about a token and curacao granted a license because it was to operate a casino and to comply with KYC laws, but now the casino has a token, that is the casino is issuing a token, I assume that when a casino issues a token it is no longer in compliance with the license of curacao, it does not seem to me that curacao accepts to license casinos that issue their own tokens

because I think that when a casino issues its own token, it is already dealing with another part of the law, that is, it is already deviating from the purpose of the license that was granted, the license of curacao is intended for the operation of the casino and not the operation of tokens, I'm not an expert in laws and licensing of curacao, but following common sense I think my thinking makes some sense and maybe that's why Rollbit is in this situation, we'll see if this situation will be resolved and that I'm wrong, I already I had said that it Is a serious mistake buy coins created by casinos

[wiss19]

I think they are more in trouble because them offering crypto derivatives trading more than their expiration of the license. They are not a decentralized platform, so they would probably need a license to provide trading services of any sort, and on top of that, their current casino license is also under problems, so they will probably be in more trouble if they don't resolve these issues soon.

Hasty decisions based on greed can always get you in trouble. I'm sure they would have been on the safer side if they had hired a lawyer first and checked with the legal aspects before all their operations that are now being questioned.

[Zlantann]

I think they are more in trouble because them offering crypto derivatives trading more than their expiration of the license.

I don't understand where the more trouble is coming from. If Rollbit has gone beyond the scope of its license it can be sorted out. And there is no information that they were operating with an expired license. What we know is the casino is undergoing its usual annual license review. And even all the news on social media are just hearsays because the Curaçao authorities have not issued any formal report.

They are not a decentralized platform, so they would probably need a license to provide trading services of any sort, and on top of that, their current casino license is also under problems, so they will probably be in more trouble if they don't resolve these issues soon.

Hasty decisions based on greed can always get you in trouble. I'm sure they would have been on the safer side if they had hired a lawyer first and checked with the legal aspects before all their operations that are now being questioned.

The issue will definitely be sorted out because the legal team of Rollbit is working hard to ensure that the license review is hitch-free and quick. We should wait for further clarification before we conclude the reason for the issues the casino is currently having. Concluding that greed and ignorance are the cause is like judging without evidence or fair hearing.