The Russian Association of Crypto-Currency and Block-Finish (RACIB) and industry associations in Korea and China are planning to sue Google, Twitter, Facebook and Yandex for refusing to place cryptocurrency advertising, RACIB head Yuri Pripachkin told the Blockchain RF-2018 congress. The parties intend to file suit in May, Russian publishing giant TASS reports.
Pripachkin said a one-time refusal to place the advertising constitutes collusion.
Pripachkin said the ban on Twitter caused a “special indignation at the crypto community.” He said Twitter made a subscription available for its own cryptocurrency and banned all others.
He said the four companies’ collusion manipulates the market and has led to a “significant drop” in the market in recent months.
A new organization is being launched to include industry associations from Korea and China in the lawsuit – the Eurasian Association of Blockbearers. RACIB, Korea Venture Business Associations and the Chinese association of crypto investors LBTC have all signed the agreement creating the new association.
The new association will create a fund and will file the suit in a U.S. state. The suit will be filed not only against the organizations, but their shareholders, Pripachkin said. If the shareholders and managers of these companies own cryptocurrencies which they use for personal gain, the shareholders are subject to prosecution, he said.
Twitter yesterday announced that cryptocurrency and ICO-related advertisements will be banned from its website.
Twitter confirmed its new policy in following Facebook and Google in banning advertisements promoting cryptocurrencies and ICOs from its platform. The ban will also include all ads related to cryptocurrency exchanges and wallet services, with an exception afforded to publicly listed companies listed on certain major stock markets.
The Twitter ban will not apply to cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA).
Facebook added advertising related to “binary options, initial coin offerings, or cryptocurrency” under its “prohibited financial products and services” policy earlier this year.
Google, the world’s largest online advertising provider, announced its ban on cryptocurrency advertising which will come into effect in June.
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