dYdX has announced that it has canceled its deposit promo after a wave of backlash by members of its community. The derivates platform announced weeks ago that new members would be gifted $25 when they make their first deposit. However, the other conditions attacked did not go down well with the users who ridiculed the promo. According to the terms and conditions of the promo, the members were required to undergo facial recognition before they were eligible to take the funds.
The promo lasted just one day
According to the official statement by the company, it had to cancel the short-lived promo based on the increasingly high demand from new users in the market. Its statement said the campaign was shut down and thanked the thousands of users that have leveraged the opportunity to register on the platform.
The promotion kicked to life on Wednesday with dYdX offering users the incentive provided they deposit funds running into $500 on the platform. However, before they would be allowed to withdraw the free funds, they would be subjected to a live webcam check to determine if their identity matches the natural person. As expected, most of the community opposed the move, with most of them taking to several social media to showcase their anger at the update.
dYdX reiterates the need for a facial recognition tool
According to the update by the platform, a time limit to end the promo was not set, but they did not envisage the amount of patronage they registered. Although the platform refused to talk about the backlash it has endured by adding a live check, it mentioned the importance of using a recognition tool in today’s crypto market. Its statement mentioned that the check was to ensure that old users were not taking advantage of the company to earn the rewards. However, users are still against the software, with a faction questioning the need for such a tool.
Most of the high flyers on the platform have also given their stance regarding the issues, with Adam Cochran mentioning that he was planning to move off dYdX for the main time. He mentioned that the platform treating the issue like a good one shows how far they are willing to eliminate basic tenets of the crypto market for their excellent. He also mentioned that this trend will be dangerous to the crypto market and hopes that dYdX retraces its steps.
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