Laws filed against social media giants’ crypto advertising bans. Cryptocurrency and Blockchain associations in Russia, China and South Korea are planning to file a joint lawsuit against Google, Twitter, Facebook and Yandex, as TASS published the news on 27 March yesterday, because they do not allow advertisements related to crypto. >
Google, Twitter, Facebook, and Yandex in turn ban crypto-related ads
In late January, social media giant Facebook announced a new advertising policy banning Bitcoin and ICO ads. Google is updating its financial services-related advertising policies to ban ads on cryptocurrency-related content, including ICO offers, wallets, and trading advisory. Twitter has recently confirmed that it will ban crypto-related ads, especially for ICOs and token sales. According to local media reports, the popular Russian browser Yandex will ban all ads related to cryptocurrencies, crypto mining and ICOs.
Social media giants state that crypto advertising bans have caused a significant drop in the market
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Organizations involved in the lawsuit filed against the four social media and tech giants include the Russian Cryptocurrency and Blockchain Association (RACIB), Korea Venture Partnerships, and LCBT, the Chinese Crypto Investors Association.
RACIB chairman Yury Pripachkin, At the Blockchain-RF 2018 conference held in Moscow from March 27-28, he said that the actions of these four tech companies negatively affected the crypto market, adding: We believe it is the use of the monopoly position of the four companies that have entered into a cartel agreement. The bans of these four organizations have caused a significant drop in the market in recent months.
The organizations formed the “Eurasian Blockchain Association” to support and lead the case
Organizations, Eurasian Blockchain Association’ They founded it to support the cause and create a fund to run it. According to local news agency RIA Novosti, Yury Pripachkin said that anyone interested can enter the cryptocurrency fund. Yury Pripachkin stated that if they have crypto wallets, a separate lawsuit will also be filed against the shareholders of the companies, adding:
When the shareholders or directors of these companies own crypto wallets that they use for personal gain, using their companies’ positions we believe they are subject to prosecution.
The lawsuit will be filed in the state of Wyoming stating that it is “loyal” to cryptocurrencies
Yury Pripachkin states that some US states, particularly Wyoming, are “loyal” to cryptocurrencies The lawsuit will be filed in the USA. In the past two months, the Wyoming legislature has passed laws to exempt cryptocurrencies from real estate taxes and to relax securities regulations.
Cointelegraph