After Facebook, Twitter and Google officially announced a ban on crypto ads in wake of the money laundering and increasing fraudulent schemes online, now it seems things are going the other way round.
The Russian Association of Crypto-Currency and Block-Finish (RACIB) and industry associations in Korea and China are planning to sue Google, Twitter, Facebook and Yandex for putting a ban on crypto ads, RACIB head Yuri Pripachkin told the Blockchain RF-2018 congress. The parties intend to file suit in May.
Pripachkin tells about how detrimental the ban on crypto ads have been for the cryptocurrency groups. He said the ban on Twitter caused a “special indignation at the crypto community.” He said Twitter made a subscription available for its own cryptocurrency and banned all others.
He said the four companies’ ban scheme has manipulated the market and has therefore, led to a “significant drop” in the market in recent months which is evident by Bitcoin’s price drop over the last few months.
A new organization is being launched to include industry associations from Korea and China in the lawsuit – the Eurasian Association of Blockbearers. RACIB, Korea Venture Business Associations and the Chinese association of crypto investors LBTC have all signed the agreement creating the new association.
This new association will channel various funds to file the suit in a U.S. state. Pripachkin says that the suit will be filed not only against the organizations, but their shareholders. If the shareholders and managers of these companies own cryptocurrencies which they use for personal gain, the shareholders are subject to prosecution, he said.
Twitter Takes Similar Move After Facebook, Google
It was 26th March onwards, when Twitter officially banned crypto based ads, ICO ads and token sale ads completely. While cryptocurrency exchanges and wallet advertising is now restricted to public companies listed on certain major stock markets.
However, Twitter ban does not apply to cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA).
The world’s largest online advertising provider, Google, announced its ban on crypto based ads which will come into effect in June.
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