Internet giants facing a massive lawsuit for banning cryptocurrency related ads
A group of organizations has joined forces to launch a massive lawsuit against Facebook, Google, and Twitter.
Blockchain and cryptocurrency groups in Kazakhstan, Armenia, and Switzerland have teamed up with those filing a lawsuit in China, South Korea, and Russia.
The alliance is suing the three major internet firms for their recent banning of crypto-related advertising, according to local Russian news outlet RNS.
The announcement to file a joint lawsuit against the tech behemoths was initially made on March 27.
Since initiating the originals plans for legal action, the lawsuit has gathered a significant amount of momentum.
Originally filing the complaint were organizations that include a Chinese association of crypto investors, the Korea Venture Business Associations, and the Russian Association of Cryptocurrency and Blockchain (RACIB).
The president the RACIB, Yury Pripachkin, announced that additional members are to join to the lawsuit.
New members of the joint suit include associations such as the Kazakhstan Blockchain and Cryptocurrency Association, the Armenian Blockchain Association, and Swiss InnMind fintech company.
The schedule for lawsuit filing in New York is in May 2018.
According to Pripachkin, a digital wallet registered in Estonia will collect funds for lawyers.
Monkey see, monkey do
Facebook banned advertisements related to cryptocurrency and Initial Coin Offerings(ICO) on Jan. 30.
The social media platform cited “misleading or deceptive promotional practices” as the reason for the ban.
Google followed suit in March by announcing it would roll out a ban of crypto-related ads starting in June 2018.
Shortly after, Twitter confirmed it was blocking ads for ICOs, wallet services, and cryptocurrency exchanges, except for public listed companies.
The McAfee Anti-virus creator offers a promotional service for cryptocurrency projects through his Twitter account.