Bitrazzi
Bitcoin, Cryptocurrency And Blockchain News

Joint Lawsuit Filed: The Crypto Ads Controversy Is Taking the Legal Route

0

Following the recent decision by the Internet giants Google, Twitter and Facebook to ban cryptocurrency ads, the crypto community has been up in arms, claiming that this is an unfair decision that will negatively affect its operations. As such, various countries have taken several measures to help resolve this standstill, and this includes going down the legal route.

More Countries Join In

Notably, blockchain and cryptocurrency organizations in Kazakhstan, Switzerland and Armenia have joined their counterparts, China, Russia and South Korea in voicing their concerns through a filled joint lawsuit against these major online companies. This was brought to light on Friday April 6th, courtesy of the local Russian news outlet, RNS.

Crypto organizations on the war front

The plans to have a joint lawsuit has been going on behind the scenes since the tech giants , Google, Facebook and twitter took this stand but it was first revealed on march 27. Some of the notable organizations that originally filed this complaint include the Korea Venture Business Associations, the Russian Association of Cryptocurrency and Blockchain (RACIB), and LCBT, a Chinese association of crypto investors.

According to the president of the RACIB, Yuri Pripachkin, some of the new members joining in the lawsuit isare the Armenian blockchain organization, the Swiss InnMind Fintech firm and the Kazakhstan Blockchain and Cryptocurrency Organization.

Lawsuit on Course

Based on this development, the lawsuit is projected to be filed in May 2018 in New York. As such, funds that go into catering for lawyers will be collected digitally on a wallet registered in Estonia.

Where Did all This Start?

It should be noted that January 30th marked the day Facebook made its announcement that it was banning all crypto related advertisements as well as Initial Coin Offerings. In making this decision, Facebook reasoned that these were deceptive and misleading promotional practices. This was followed soon After by Google in March when it stated that it would begin barring all ads related to cryptocurrency starting June 2018. The final nail in the coffin came from Twitter, which announced at the end of March that it will also ban all ads related to cryptocurrency unless the companies involved are public.

What do you think of the move by these countries to file a lawsuit against these Internet giants? Do they have a strong case to present? Let us know of your thoughts in the comments section below.

Comments