Facebook’s ‘partial’ ban-lift invites class-action lawsuit by crypto community

In a recent case, the internet giant Facebook reversed its ban on cryptocurrency advertisements that first came into being earlier this year. However, Facebook still stands firm against the promotion of binary options and ICOs on the platform.

The policy update in favor of cryptocurrency ads has not altered the action plan of the crypto community. Several crypto-backed businesses and associations scattered on the world-map have come together with the intent of suing internet platforms imposing such bans. More so, the community is likely to file a lawsuit opposing the same.

According to reports from the Russian media, crypto associations have planned to file the class-action lawsuit against multiple IT corporations operating internationally. The statement was confirmed by the President of Russian Association of Cryptocurrencies and Blockchain [RACIB], Yuri Propachkin.

RACIB and its counterparts from around the globe have agreed and made accusations that whether it is Facebook or Google, ban on cryptocurrency ads and ICOs is just the product of a cartel agreement. Pripachkin told the Russian media:

“We will continue [preparing the lawsuit] since they did not cancel the restriction on ICOs. We’ll press on to the end. We will slightly correct our legal position.”

Facebook has uplifted the ban on cryptocurrency ads only for pre-approved advertisers. Therefore, not everyone who desires to place crypto ads can do so. Organisations from Eurasia, Korea, and China have also stepped forward in disapproval of the ban, namely, Eurasian Blockchain Association [EBA], Korea Venture Business Association [KOVA], and Chinese Association of Cryptocurrency Investors [LBTC].

As for the funding part of this legal equation, the community expects fellow crypto-touters to dole out voluntary donations, in order to cover the lawsuit filing charges. The filing is planned under the U.S. Jurisdiction, most likely in New York and Wyoming.

Alistair Milne, an entrepreneur and Bitcoin evangelist also tweeted on the matter to question the partial ban.

Milne’s Twitter post | Source: Twitter

Previously, The Economist had reported rumors about Facebook acquiring Coinbase. These speculations emerged after Facebook announced the launch of an exploratory blockchain group in the company.

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