Google, Facebook, and Twitter to be sued for banning cryptocurrency ads
Internet giants, Google, Facebook, and Twitter will soon be fighting off a lawsuit regarding their banning of cryptocurrency ads on their platforms, according to local Russian news outlet TASS.
The class action lawsuit is being brought on by cryptocurrency and blockchain associations in Russia, China, and South Korea. The three nations are planning on launching the lawsuit sometime in May. Included in that lawsuit will be Yandex, a Russian-based internet organization, and the country’s largest search engine.
It is expected that the lawsuit will be filed in a U.S. jurisdiction by the Russian Cryptocurrency and Blockchain Association (RACIB), the Kore Ventura Business Association (KOVA), the Chinese Association of Cryptocurrency Investors (LBTC), who have joined forces to form the Eurasian Blockchain Association.
Yuri Pripachkin, the president of the Russian association, said the group intends to file the lawsuit in Wisconsin, where the state has proved to be fair to cryptocurrency. The state was the first in the U.S. to define what a utility token is.
“We think these four companies are using their monopoly power and have colluded to manipulate the market,” Pripachkin said, according to the Russian news outlet.
Facebook and Google were the first internet companies to ban cryptocurrency ads.
In January, Facebook made policy changes to its advertising policies. The changes were made to deter people from being prey to cryptocurrency scams. Google’s banned, announced earlier this month, goes into effect June 1. Twitter’s ban, also announced in March, bans any initial coin offerings (ICO) crypto exchanges, and wallet services advertising.
Twitter’s ban, however, isn’t for all cryptocurrency. It’s expected that verified accounts could potentially still be able to advertise its products and services. Yandex, for its part, is expected to take measures similar to those enacted by the U.S. internet companies.
Some of the cryptocurrency ad bans have just started taking place but if they continue in the long run is to be determined as the lawsuit has yet to be filed.