Rollbit Shuts Down Degen EXchange and Rollbot.com Amid Regulatory Concerns

Key Takeaways

Rollbit announces the closure of Degen EXchange and sister site Rollbot.com.

The decision is attributed to "regulatory uncertainty and low adoption."

$RLB functionality remains unaffected; the core product and NFT collections will continue.

Regulatory Hurdles and Low Adoption Force Closure

In an announcement made on September 22, 2023, Rollbit, a cryptocurrency trading platform, revealed that it is discontinuing its Degen EXchange due to "regulatory uncertainty and low adoption." The company also stated that its sister site, Rollbot.com, is being decommissioned and will now be withdrawal-only with limited functionality for existing accounts.

No Impact on Core Products

Despite these changes, Rollbit clarified that there will be "no changes to our core product, Rollbit.com, $RLB or our NFT collections." The $RLB token can still be bought and sold as before. The company emphasized that these are independent decisions aimed at "better positioning and safeguarding" their business.

Future Developments

Rollbit also teased its next round of releases, stating they are "going to be very exciting" but did not provide further details. The company reassured its user base that despite the discontinuation of certain services, the core functionalities and future plans remain intact.

Industry Implications

The closure of Degen EXchange adds to the growing list of crypto platforms that have faced regulatory scrutiny. Regulatory bodies around the world have been tightening their grip on cryptocurrency exchanges, often citing concerns about money laundering and consumer protection.

Image source: Shutterstock