Crypto users push back against dYdX promotion requiring face scan
“No matter the cause, this is an absolutely horrible idea and you should walk this back immediately,” said Adam Cochran, a general partner at Cinneamhain Ventures. Many users on social media have been lambasting decentralized exchange dYdX over the identification verification process to receive a sign up and deposit bonus of $25.In a Wednesday blog post, dYdX announced that new users who deposited 500 USD Coin (USDC) for their first transactions could receive a bonus promotion of 25 USDC, provided they were willing to do a “liveness check.” According to the exchange, the verification....
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The Ethereum-based trading protocol dYdX implemented a new feature called Liveness Check. According to an official post, the feature enables users to scan their “image” with a webcam and verified if it has been used to open a different account on the platform. Related Reading: Bitcoin Data: Long-Term Holders Are Currently Putting More Selling Pressure […]
The prompt cancellation comes after strong community pushback relating to the requirement of a facial recognition scan in order to receive the deposit bonus. Decentralized crypto derivatives exchange dYdX says it has ended its short-lived and contentious $25 first deposit bonus promo amid a wave of backlash over its facial recognition requirements for new users. The exchange, however, simply cited “overwhelming demand” as the reason for its short-lived promotional campaign, which ended on Thursday “effective immediately.”Due to extremely overwhelming demand of the $25 deposit bonus....
The platform said it has used compliance vendors to scan for and flag accounts potentially associated with illicit activities, including sanctions lists for many countries. Cryptocurrency derivatives trading platform dYdX said it blocked some users’ accounts with funds linked to Tornado Cash, including mistakenly suspending some that never directly engaged with the controversial mixer.In a Wednesday blog post, dYdX said it had “unbanned certain accounts” that the derivatives platform had blocked in response to the Office of Foreign Assets Control of the United States Treasury Department....
Dydx, a decentralized exchange, finally unlocked its airdrop rewards for users. Its governance token, dydx, was locked due to airdrop restrictions since the protocol announced its distribution on August 3rd. Since its release the price has skyrocketed, giving some of the more active users on the platform more than $50K worth of dydx. However, some users were unable to reclaim the airdrop due to location restrictions.
Dydx Unlocks Airdrop, Price Skyrockets
Dydx, a derivatives decentralized exchange, announced yesterday the unlocking of its airdropped governance token, dydx. The....
Traders raised their bids for the decentralized exchange token, believing it would benefit from China's decision to classify all crypto transactions as "illegal." Decentralized exchange dYdX's native token DYDX surged by nearly 80% this week as traders assessed its potential against China's recent ban on crypto transactions.The DYDX price hit a new high of $26.50 on the FTX exchange after trading at around $13 a week ago. The China ban was an apparent boost for the dYdX decentralized exchange (DEX) that offers perpetuals, margin and spot trading, as well as lending and borrowing services....