The site is (or at least has been) backed by some Danish business people. I signed up there more than a year ago, won $15 in freerolls and then stopped playing there due to the ridiculous turbo structure of their freeroll tournaments.
For more than a year they have been saying their licence was just around the corner, but they never seem to get it.
My opoinion: You can play the freerolls there, but don't get surprised if they never convert your winnings to real cash as promised. And by all means don't deposit any real cash there, at least not until they have provem themselves as a legit site.