Decentralized Crypto Exchange dYdX Opts Out of the $25 Promotion Campaign Amid Backlashes

Renowned decentralized cryptocurrency exchange dYdX he finished his last Deposit of $ 25 promotion after strong backlash by consumers. Through this promotion, users were required to do so prove your identity with a webcam. Users have won a $ 25 bonus to deposit a $ 500 minimum in their first transaction. However, they had to show their faces first.

The requirement was defined as a verification of liveliness by dYdX. The exchange also claimed to have introduced liveliness controls to prevent people from using the promotional offer more than once. Even if the checks were not required, was still a vital part of the promotion. Like the promotional offer went livemany users severely criticized the platform’s decision. People called him a horrible idea it’s a big mistake.

“Extremely overwhelming demand,” says dYdX

In his latest tweetdYdX said I am end the campaign with immediate effect. The platform thanked thousands of new users who boarded with the exchange. Also, the exchange told them underrated the amount of interest this campaign could generate. dYdX thanked the community for the feedback on promotion, as it continues to evolve with the community.

Decentralized exchanges are meant to prioritize anonymity of users. Therefore, the promotions have increased several security issues regarding the decentralization of dYdX. Due to the backlash, the trading volume on the exchange it fell over 35% on the last day. This shows that there has been serious damage the platform’s reputation with consumers.

DEX

A few weeks ago, dYdX said yes accounts blocked and marked who interacted with the controversial mixing platform, Cash Tornado. Previously, it was also found that American users of the exchange were excluding from the platform airplane launch. It is assumed that the move was carried out for fear that the The SEC would investigate the platform.

However, all of these events have escalated several problems for the renowned decentralized exchange. Many users have decided to exit the platform afterwards doubting its decentralized nature. Go back inside 2018renowned decentralized exchange IDEX tried to implement KYC in compliance with money laundering laws. However, the move led to severe decline in business. Now he has less than $ 10 million in daily volume.

It appears that dYdX is now about to tackle the consumer wrath in the next days. Its trading volume could witness aa drastic decline. However, the exchange tried to do something damage control ending the promotional offer.

Leave a Comment