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Citing “extremely overwhelming demand,” the decentralized trading platform dYdX has ended a deposit scheme promotion which required its users to verify their identity by webcam. The post dYdX Cancels $25 Deposit Bonus Campaign After Twitter Roasts Webcam ‘Liveness Check' appeared first on BeInCrypto.
Renowned decentralized cryptocurrency exchange dYdX has ended its latest $25 deposit promotion after severe backlash from consumers.
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.
Several crypto community members have rejected the verification process set up by the dYdX decentralized exchange during the sign-up process.
Decentralized exchange dYdX (DYDX) has discontinued its new $25 deposit promo citing “overwhelming demand,” and denied claims that the DEX now required users' verification. The post Crypto community lambasts dydx's new facial verification requirement appeared first on CryptoSlate.
The exchange implemented the liveness check to prevent users from farming the promo across multiple accounts, but it also raised questions around decentralization.
The Ethereum-based trading protocol dYdX has ended its short-lived campaign today. The decentralized exchange has cited the overwhelming demand for its $25 deposit bonus promotion, as the reason for the immediate closure of this promotional campaign.
dYdX discontinues promotion after claiming that there was overwhelming demand making the promotion not viable for the company. The decentralized crypto derivatives exchange ended its short-lived $25 initial deposit bonus promotion.
The prompt cancellation comes after strong community pushback relating to the requirement of a facial recognition scan in order to receive the deposit bonus.
“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.
dYdX has received overwhelming pushback after it asked users to verify their identity with a webcam to benefit from a promotion.
Coinspeaker dYdX Blocks Accounts Associated with Tornado Cash in Compliance with OFAC Sanctions
Cryptocurrency derivatives provider dYdX announced that it had restricted user accounts with a history of transactions with Tornado Cash.
The Office of Foreign Asset Control sanctioned Tornado Cash and 45 related Ethereum wallet addresses Monday, prompting exchanges and issuers to begrudgingly comply with laws
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.
The exchange took decisive action to block crypto addresses associated with Tornado Cash following this week's sanctions blow from the U.S.
Decentralized exchange (DEX) dYdX confirmed it had blocked customer accounts associated with Tornado Cash to comply with United States sanctions. The post Decentralized exchange dYdX blocks user accounts associated with Tornado Cash appeared first on CryptoSlate.
U.S. Treasury Department's move to blacklist Tornado Cash is still causing havoc in the cryptocurrency community. After discovering that some of its users had connected with Tornado Cash late on Wednesday, the decentralized derivatives exchange dYdX acknowledged that it had been impacted by the restriction.
Multiple users accounts with a history of using Tornado Cash were banned by dYdX.
dYdX has confirmed that it blocked some accounts in line with the Treasury Department's sanctions against Tornado Cash. It's since unblocked some accounts.
Many users were locked out even though they had no idea they had received funds from the crypto mixer.
Tornado Cash, often known in the crypto money industry for news of attacks and fraud, has recently received a hard blow from the US Treasury Department. While the Ministry imposed sanctions by adding Tornado Cash to the backlist, many companies followed his practice.
DyDX has blocked user accounts linked with Tornado Cash DyDX has joined a growing list of platforms who have been actively blocking user accounts of people who had earlier been in contact with sanctioned Tornado Cash app In an updated blog post, derivatives protocol DyDX has confirmed that it has banned certain user accounts that previously had ties with now banned ethereum mixer app Tornado Cash.
dYdX said it has blocked users that have interacted with Tornado Cash. The post dYdX confirms blocking user accounts tied to Tornado Cash appeared first on The Block.
