Three More Countries Join Planned Lawsuit Against Internet Giants For Banning Crypto Ads

Cryptocurrency and Blockchain organizations in Switzerland, Kazakhstan, and Armenia have recently joined those of Russia, China, and South Korea in filing a joint lawsuit against major Internet companies for banning crypto-related advertising, local Russian news outlet RNS reported Friday, April 6.

The plans to file the joint lawsuit against tech giants Google, Twitter, and Facebook were first revealed on March 27. The organizations originally filing the complaint include the Russian Association of Cryptocurrency and Blockchain (RACIB), the Korea Venture Business Associations, and LCBT, a Chinese association of crypto investors.

According to Yury Pripachkin, the president the RACIB, the new members of the joint lawsuit include such associations as Swiss InnMind fintech firm, the Armenian Blockchain Association, and the Kazakhstan Blockchain and Cryptocurrency Association.

The joint lawsuit is set to be filed in May 2018 in New York. Funds for lawyers are to be collected on a digital wallet registered in Estonia, Pripachkin noted.

On Jan. 30, Facebook banned advertiserments related to cryptocurreny and Initial Coin Offerings (ICO), citing “misleading or deceptive promotional practices.” In March, Google followed the move by announcing it woukd begin blocking crypto-relared ads of all types in June 2018. At the end of March, Twitter confirmed that it will also ban crypto-related ads, such as ICOs, cryptocurrency exchanges and wallet services, unless they are public companies.

Recently, Johnl McAfee, a software engineer and very prominent figure in the cryptocurrency community, disclosed that he charges $105,000 per tweet to promote cryptocurrency projects and related products, despite earlier denying that his promotional tweets are paid.

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