The Russian Association of Cryptocurrency and #Blockchain (RACIB) and counterparts in China and South Korea will file a group action against Google, Twitter, Facebook and #Yandex for their decisions to block cryptocurrency and #ICO advertising, RACIB President Yury Pripachkin told journalists at Blockchain Russia 2018.
“We plan to file a suit in May. The companies are well-known, Google, Twitter, Facebook and Yandex. They banned cryptocurrency advertising in their networks,” RIA Novosti quoted Mr. Pripachkin as saying.
The suit will be filed in the United States via the Cryptocurrency and Blockchain Association of Eurasia. An agreement to establish the association was signed at the congress on Tuesday.
According to the RACIB president, the crypto community is very concerned by the ban. “We view this as using the monopoly status by the four companies that have entered into a cartel agreement aiming to regulate the market”, Pripachkin said.
The group suit can be filed by the association as a legal entity or by its member companies. The pool of legal entities will be determined before May 2018, the RACIB press service commented to RBC.
At the end of January, Facebook banned advertising for cryptocurrencies, binary options and ICO, explaining it wanted to improve the integrity and security of financial advertising in the network. In mid-March, Google’s parent Alphabet Inc. decided to block all such ads until June, when it will follow the Facebook lead. Since then Twitter and Yandex have adopted the same stance on cryptocurrencies and binary options.