Blockchain Associations Plans To Sue Social Media Giants For Banning Crypto Ads

Eurasian Association Of Blockchain To Sue Social Media Giants For Placing Ban On Crypto Ads

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  • Blockchain and cryptocurrency associations set to prosecute four social media giants for placing ban on crypto advertisements.
  • The body holds that some shareholders of these social media giants have investments in cryptocurrencies.

World News: TASS reported on the 27th March that some associations of Blockchain and Digital currencies in South Korea, China, and Russia are making plans to jointly sue four social media giants – Facebook, Google, Twitter, and Yandex – in May for placing a ban on cryptocurrency-related advertisements on their platform.

Facebook Inc. declared a ban on crypto ads towards the end of January, with claims that these ads lead to “misleading or deceptive promotional practices.” Alphabet Inc. Google followed the trend in March, though it stated that it will commence the ban in June. Twitter Inc. also commenced its ban on cryptocurrency-related ads last Tuesday, particularly on ads for ICOs and token sales. According to local media reports, Yandex is more likely to implement its own set of prohibitive measures soon.

Also read: ESMA Toughens Rules on Cryptocurrency Derivatives

The Blockchain and Cryptocurrency associations planning the upcoming lawsuit against the 4 social media giants are the Korea Venture Business Associations, the Russian Association of Cryptocurrency and Blockchain (RACIB), and the Chinese Association of crypto investors, known as LCBT.

During the Blockchain-RF 2018 conference that took place in Moscow between 27th and 28th March, the president of RACIB, Yury Pripachkin, stated that ban on cryptocurrency related ads by these 4 social media companies has affected the cryptocurrency market negatively:

“We believe that this is a use of the monopoly position of these four companies, which have entered into a cartel agreement with each other in order to manipulate the market. The ban from these four organizations has led to a significant drop in the market in recent months.”

The 3 Blockchain and cryptocurrency associations have jointly formed the Eurasian Association of Blockchain so as to generate funds to progress the lawsuit. RIA Novosti, a local news outlet, reported that Yury said that anybody who is interested can “chip in” to the cryptocurrency fund. He also added that any of the companies’ shareholders found owing a crypto wallet would be prosecuted:

“We believe that if it turns out that the shareholders or managers of these companies own crypto wallets which they use for personal gain, using the position of their companies, they are subject to prosecution.”

The prosecution, which will be filed by the association in May, will be done in the United States, as Yury observed that some states within the United States are “loyal” to digital currencies, especially Wyoming.

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