Recently a move was initiated by Russian, Chinese and South Korean crypto associations to sue Google, Twitter, Facebook and Yandex for putting a ban on crypto based ads. It seems as if the ban has miffed the crypto audience worldwide. During a conference in Moscow last month, they founded a new organization called the Eurasian Blockchain Association (EBA). EBA is tasked with asserting their interests on an international level.
Now, Crypto communities from Switzerland, Kazakhstan, and Armenia are also coming forward to defend the rights of crypto businesses affected by the ban. Support came from the Swiss company Innmind, working to bring together startups and investors, the Armenian Association of Developers and Users, and representatives of the crypto sector in Kazakhstan.
The basic motive of EBA members is to file the class action lawsuit against several large corporations which introduced restrictions on advertising of crypto based ads and related projects, like ICO’s. The social networks Facebook and LinkedIn, the search engines Google and “??????” (Yandex), and the microblogging platform Twitter which are very good platformed for crypto based ads, have also decided to ban them.
Yuri Pripachkin, president of the Russian Cryptocurrency and Blockchain Association (RACIB), told that it would be next month when the case will be taken to court in the State of New York next. RACIB organized the BlockchainRF-2018 congress in Moscow (March 27-28) where the initial agreement for the legal action was signed.
EBA representatives have said that lawsuits may be filed in other U.S. jurisdictions, as well, including the states where the companies are registered. Wyoming has also been mentioned as a state with “fair” attitude towards cryptocurrencies.
The associations will be represented by a new fund registered in Luxembourg. They plan to cover the legal costs through voluntary donations. Lawyers will be paid with funds collected in a cryptocurrency wallet that will be registered in Estonia.
“We are witnessing a revival of the censorship,” Pripachkin said during a round-table on internet advertising opportunities and barriers held at the Russian Chamber of Commerce and Industry. RACIB’s president warned,
“A business player decides to introduce special requirements in regards to the freedom of information, taking advantage of a monopolized resource. Next time we’ll face racial, religious and other discrimination,”
It was RACIB’s initial move to take the matter to court along with the Korea Venture Business Association (KOVA), and the Chinese Association of Cryptocurrency Investors (LBTC) against the ban on crypto based ads. They believe the simultaneous refusal by leading Internet companies to publish crypto based ads is an abuse of monopoly power.
After Google, Facebook decided to put a ban on crypto based ads, other Internet companies implemented similar policy changes. At the end of March, Twitter banned ads for ICOs, whose organizers are unable to prove the sales are legally regulated in the targeted country. Now, LinkedIn has introduced restrictions, too. According to Russian media, the largest search engine in the Runet, Yandex, has also banned crypto based ads.
Hopefully, crypto enthusiasts can expect a lift on the ban imposed by these social platforms, for a better future of cryptocurrency market.
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