Chinese, Russian, Korean Associations Set To Sue Internet Giants Following Ban On Crypto-related Ads
The heat is still on as blockchain, and cryptocurrency associations from China, Russia, and South Korea make arrangements to sue internet corporations for banning cryptocurrency-related ads.
You’ll recall that the internet giants, Facebook, Google, Yandex, and, Twitter, recently updated their terms of use banning all cryptocurrency-related ads from their networks. The companies placed the ban stating that crypto, ICO initial coin offering token, and the entire cryptocurrency trading system was frequently associated with deceitful practices. The ban is meant to protect users from being manipulated on these platforms.
Facing The Music
The ban didn’t sit well with the cryptocurrency community. Blockchain and cryptocurrency associations from South Korea, Russia, and China are making plans to file a class action suit against these companies that placed a ban on cryptocurrency-related ads. During a cryptocurrency conference in Moscow, the associations agreed to take the matter to court in the United States.
The lawsuit is going to be filed in the United States jurisdiction in May by the EBA, Eurasian Blockchain Association. The EBA is a newly founded association that represents the Russian blockchain and cryptocurrency association, the Chinese cryptocurrency association and the South Korean cryptocurrency association. The legal action will be funded by a special cryptocurrency fund which will mainly include donations.
In January, the most popular social media network in the world, Facebook, placed a ban on cryptocurrency related ads. In March, Google followed suit. Yadex, the biggest search engine in Russia reportedly placed restrictions on cryptocurrency-related ads and Twitter; the global microblogging site has made similar restrictions. ICO initial coin offering token sales will be restricted across these platforms.
The news about the ban from these internet giants came amid reports about strict regulatory policies in the industry. Industry analysts believe that these announcements may have contributed to the recent dip in cryptocurrency prices globally.
The lawsuit by this association will be filed against the shareholders of these companies. Hopefully, it might have some positive impact on the global cryptocurrency trading system.
