Eurasian Blockchain Association to Sue Social Media Giants over Ad Bans By Cryptovest

Eurasian Blockchain Association to Sue Social Media Giants over Ad Bans

The Russian Association of Cryptocurrency and Blockchain (RACIB), together with industry associations of China and South Korea, is planning to file a class action lawsuit against Google, Facebook (NASDAQ:), Twitter, and Yandex for banning ads related to initial coin offerings (ICOs) and cryptocurrencies. RACIB president Yuri Pripachkin revealed this before media representatives at the BlockchainRF Congress 2018, which started on March 27.

According to Pripachkin, the lawsuit will be filed in US courts through a newly created body called the Eurasian Blockchain Association (EBA). He said a crypto fund would be created, and everyone can contribute to it.

“We proceed from the fact that the US legislation has a serious attitude on the restriction of freedom of entrepreneurial activity. Therefore, the prospects for this lawsuit are quite serious,” he explained.

He went on to add:

“We believe that there is a cartel conspiracy between these organizations and it is aimed at regulating the market in the interests of shareholders and management of these organizations. The ban on ads has already led to a decline in the [crypto] market value by tens of billions of dollars. For example, Twitter itself collects funds through its own ICO, while simultaneously making a decision to limit the ads of other cryptocurrencies, which is unacceptable.”

Pripachkin said the lawsuit would be filed in May but a plan is yet to be drafted.

In January, Facebook banned ads related to ICOs, cryptocurrencies, and binary options, the latter being a form of online trading. This measure was meant to support the integrity and security of financial product advertising in the social network.

Two weeks ago, we reported that Google’s parent company, Alphabet (NASDAQ:), had decided to follow suit and ban crypto-related ads starting from June this year.

On Monday, Twitter confirmed it would ban crypto- and ICO-related ads as well.

This article appeared first on Cryptovest

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