According to reports from TASS, a local news outlet; Russia, China, and South Korea, Cryptocurrency and Blockchain Associations have combined plans of filing a joint lawsuit in May against Google, Twitter, Facebook, and Yandex for restricting crypto-related advertising.
Earlier this year in January, Facebook had announced a crypto ad ban stating misleading or deceptive promotional practices. Google followed suite albeit their ban not being effective until June. Just after this, Twitter also confirmed the ban regarding the same, specifically for Initial Coin Offerings [ICO], and token sales. Yandex is also expected to follow the same lines.
The upcoming lawsuit against the four social media and tech giants involves Russian Association of Cryptocurrency and Blockchain [RACIB], the Korea Venture Business Associations, and LCBT, a Chinese Association of Crypto Investors.
In the Blockchain-RF 2018 two-day conference conducted in Moscow, the President of RACIB, Yury Pripachkin said that the actions of these 4 technology organizations have negatively affected the market.
“According to our belief, this is a use of monopoly position of these 4 companies. They have agreed with each other in order to manipulate the market. The ban from them has affected the market leading to a price crash in recent months.”
The Eurasian Association of Blockchain was created by the organizations to create a fund as a support to the lawsuit formulation. Pripachkin said that a claim will be filed against shareholders from the companies if they have crypto wallets.
“We believe that if it turns out that the shareholders or managers of these companies own crypto wallets which they use for personal gain, using the position of their companies, they are subject to prosecution.”
The lawsuit will be filed in the US as some states are loyal to digital currencies. According to RIA Novosti, a local news outlet, anyone interested can chip in the crypto fund.
Marcel, a market observer and social media user said:
“There is some shit happening everyday in the world. We do not know whom to trust and what to invest in or whom to follow. Everything looks deceivingly attractive. I just hope our innocence will not be misused. Hope to see a better world sometime soon.”
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