Internet Giants Could Face Lawsuit For Banning Crypto Ads

News | March 28, 2018 By:

Newly founded trade group Eurasian Blockchain Association (EBA) is planning to file a class action lawsuit against Internet corporations for banning crypto-related ads.

During a two-day blockchain conference (March 27-28) held in Moscow, representatives of the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA), and the Chinese Association of Cryptocurrency Investors (LBTC) have signed the agreement to create EBA.

EBA members agreed that the actions taken by Facebook, Google, Twitter and Yandex is not fair and have decided that these Internet giants will be sued for banning crypto-related ads. The lawsuit will be filed in May in front of a judge in the US jurisdiction and it will be funded by a special cryptofund.

Facebook and Google banned crypto ads in January and March, respectively. Most recently, Twitter banned initial coin offering (ICO), token sales, crypto exchanges and wallet services advertising. Yandex, Russia’s biggest search engine, is also expected to enact its own set of prohibitive measures soon.

Yury Pripachkin, the president of RACIB, said that the actions of these four Internet corporations have negatively affected the crypto market.

“We believe that this is a use of the monopoly position of these four companies, which have entered into a cartel agreement with each other in order to manipulate the market,” said Pripachkin. “The ban from these four organizations has led to a significant drop in the market in recent months.”

Pripachkin said the lawsuit will be filed in the US and the matter of which state is left to the lawyers to decide. “You know, every state has different laws,” he said.“ Some states, like Wyoming for example, have been fair towards cryptocurrencies.”

Pripachkin added that legal actions can be taken against the organizations’ managers and shareholders, if it’s proved that they have and use cryptocurrency wallets.

“We believe that if it turns out that the shareholders or managers of these companies own cryptocurrencies, which they use for personal gain, using the capabilities of their companies, they are subject to prosecution,” Pripachkin said.