Facebook, Google, Twitter and Yandex imposed bans on ads associated with cryptocurrencies and ICOs. The move is expected to give their legal departments a new task with multiple cryptocurrency firms from Russia, China and S. Korea planning to sue .
After meeting in Moscow, the affected cryptocurrency companies have formed a new Eurasian Blockchain Association (EBA) and agreed to file a lawsuit in a US court against the internet giants.
When Will It Happen?
The court case will be filed in May before a US jurisdiction judge, and it will be sponsored by a unique cryptofund which is established in the aforementioned Congress in Moscow.
Lawyers will have the last say regarding the jurisdiction when the complaint is filed. As quoted by RIA Novosti, Yuri Pripachkin commented, “Some states such as Wyoming have been fair on cryptocurrency matters.”
“The concurrent denial to advertise digital currencies could mean there was cartel collusion.” Said Yuri Pripachkin, RACIB president as quoted by Interfax and Tass. “We think these four big firms are utilising their monopoly command to come together and manipulate the market,” Yuri Pripachkin added. “He also pointed that the ads ban led to huge market drops over the last months.”
Ban Wave Begun With Facebook
The social network, Facebook banned cryptocurrency related adverts in January to secure users from different ICO scams, Ponzi schemes, fraudulent token sales and similar cases.
Also, Twitter has commenced adverts on ICOs including their token sales and cryptocurrency wallet platforms which are not publicly catalogued on major stock exchanges. The globe’s biggest search engine, Google has announced to follow the footsteps.
As reported in March, the updated financial services policy of Google prohibited all cryptocurrency adverts from using its Adwords service starting June 2018. Once more, consumer security is touted as the key driving issue behind the move.
