Crypto Entrepreneurs Sue Google, Facebook, Twitter Over Ad Ban

Source: Adobe/Aleksei

Following the infamous crypto advertising ban by Google and its video-sharing site YouTube, Facebook, and Twitter, a law firm representing crypto entrepreneurs and investors who claim their business was hurt as a result of the ban are now taking the tech giants to court in Australia.

The news about the class-action lawsuit that could end up costing the tech companies as much as USD 300 billion has so far attracted litigants with USD 600 million worth of claims, although this amount may grow further as more people join the lawsuit, the Daily Mail Australia reported on Sunday.

The no-win, no-fee case, organized by Sydney-based law firm JPB Liberty, is funded by institutional litigation funders, venture capital funds, and “ideologically aligned investors,” the article said.

According to JPB Liberty’s website, the firm is “investigating other potential Class Actions to protect the Cryptocosm” against both banks and regulators in the future.

The current class-action lawsuit against Google, Facebook, and Twitter is also advertised on the firm’s site, where both individuals and companies who believe they have been hurt in any way by the crypto ban can sign up to join to the lawsuit.

The infamous crypto ad ban by big tech companies Google, Facebook, and Twitter were all instituted following the craze surrounding initial coin offerings (ICOs) in late 2017 and early 2018. In May of 2019, however, Facebook its stance on crypto by allowing ads involving blockchain technology, news, events, and certain educational content, while Google again opened the door in October 2018, when it regulated exchanges to advertise their services.