The Degen crypto exchange team confirmed that they are going to shut down their crypto trading platform citing regulatory uncertainties.
Rollbit.com is a cryptocurrency casino that enables users to gamble on casino games and sporting events. This platform also provides trade of crypto assets and non-fungible tokens (NFTs). The services of this platform are available globally but prohibited in some regions, as the platform has no gambling/casino license.
“Degen EXchange” is a subsidiary of Rollbit. Degen is a very less popular crypto exchange & its services were mainly focused on providing crypto trading & purchase services via integrated third-party platforms.
For a long time the platform failed to see an inflow of huge numbers of customers as well as crypto trade volume was also not impressive. In short, the exchange was not able to run its crypto trading platform because of very little profit, so decided to shut down.
On 22 Sep 2023, The Rollbit team informed the crypto community that they are going to shut down the Degen exchange, so customers are requested to sell or withdraw their funds from the platform.
The announcement confirmed that its core business e.g. NFTs offerings, gambling, & native token $RLB functioning will remain unaffected.
RLB token price action
The current trade price of the RLB token is 8% high over the last 24 hours trade price but down by 22% over the last 7 days of trade price.
It is worth it to note that RLB is a highly used token under Rollbit’s umbrella, where RLB holders can use this token for staking & also can earn rewards by playing the role of liquidity provider.
Rollbit platform introduced several use cases for this token under its gambling ecosystem.
It is worth it to note that between 2022 to 2023 many crypto companies collapsed badly, following high ups & downs phases in this volatile market. The whole game started with the downfall of Terra (Luna) umpire. Following the bankruptcy of the FTX crypto exchange, the regulatory bodies in almost every country showed significant pressure against crypto companies.