Eurasian Blockchain Association to sue Internet Giants over ad-ban
Chinese, Russian and South Korean cryptocurrency and blockchain associations are planning to file a class action suit against the ban of cryptocurrency ads imposed by internet corporations. The associations came to an agreement on the matter in a cryptocurrency conference that was held in Moscow and is set to challenge the change in policy of Google, Facebook and Twitter. The class action suit will be tried in the US.
Eurasian Blockchain Association
During the two-day long blockchain conference (27th-28th March) held in Moscow, Representatives of the Russian Cryptocurrency and Blockchain Association, the Korea Venture Business Association and the Chinese Association of Cryptocurrency Investors came together and signed a document for the formation of a cryptocurrency and blockchain association called the Eurasian Blockchain Association.
It is said that the lawsuit will be filed under the name of the new association and that the complaint is to be signed by all three national associations as well.
The ban spree that these internet corporations have embarked on was started by the social networking giant Facebook in January this year. The ban disallowed any sort of advertising of ICOs and cryptocurrency coins because of the volatility of the market and the large number of scams and schemes floating around.
Soon after in March, Google followed suit by amending its existing policies to ban crypto and ICO advertising. Stating that there was too much fraudulent advertising on the search engine and that too many people were falling for it and incurring massive losses. And around ten days ago, there were rumours afloat about Twitter allegedly following their lead too. The vastly acclaimed microblogging site reportedly told Reuters on Monday this week, that their ban on all crypto relative advertising will be effective from the 27th of March.
Monopoly of Power
The RACIB’s President, Yuri Pripachkin, believes that there is some sort of collusion between these big names to pool their power and effectively manipulate the market. He went on to state that the drop in the market could directly be attributed to the change in their advertising policies.
“The simultaneous refusal to advertise cryptocurrencies could testify that there was a cartel collusion,” Yuri said, as reported by Tass and Interfax.
Yuri said that the court case will be filed in the US and the matter of which state is left to the lawyers to decide. He added later that EBA is ready to separate file suits against these companies in the states that they were originally registered.
Opinion on the ad ban
A lot of people have correlated the tanking of the market to the change in ad policies of these internet giants. It was only a couple of weeks ago that a Russian crypto businessman filed a suit against Google’s Russian entity for the same reason. He claimed that the new ad ban policy of Google had cost him millions and demanded that the search engine either change their policy or pay him $2 million USD in damages.
Some experts, however, have taken a surprisingly positive stand with respect to the ban, saying that the ban is good. They believe that the ban will force people back into the mainstream technical forums and journals for marketing and exposure, which in turn means that they will have to be legit, for otherwise they will be called out for not being so on these platforms. Experts also say that the ban will refocus the market to make sure that only the projects with actual technical innovation and honesty will thrive, cutting down on the massive number of fraudulent ICOs and coins schemes.
The internet giants in question have made no official comments on any of the alleged suits and only time will tell if these complaints actually have legal weight heavy enough to be tried in the courts of the US.