dYdX ends controversial promotion claiming 'overwhelming demand'

The quick rollback comes after a strong community backlash regarding the requirement for a facial recognition scan in order to receive the bonus deposit.

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Decentralized crypto derivatives exchange dYdX announces that it has ended its short and controversial $25 first deposit bonus promotion amid a flurry of backlash over its facial recognition requirements for newcomers 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 high demand for the $25 Deposit Bonus promotion, we are ending the campaign, effective immediately. Thanks to the thousands of new users who joined dYdX today. We really underestimated the interest generated by the campaign.

— dYdX (@dYdX) September 1, 2022

The promotion in question launched on Wednesday and offered new users a $25 bonus if they deposited $500 or more on the platform.

The only catch was that they had to agree to do a "presence test" via webcam to verify their identity, which was not well received by some sections of the community.

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About 24 hours later, dYdX tweeted that it would end the campaign "due to extremely overwhelming demand" after allegedly onboarding thousands of new users.

Give me my 25 bucks pic.twitter.com/5n4r5GA6os

— King Ethan (@Kr3py) September 2, 2022

The team behind the DEX did not specify how long t...