Twitter,Facebbok and Google Set to Face Court Over the Banning of Cryptos AdsMarch 28, 2018
According to the head of RACIB Yuri Pripachkin Google, Twittwr, Facebook and Yandex will be sued by the Russian association of crypto-currency and block-finish(RACIB) and industry association in korea and china , after banning the advertisement of cryptos, they intend to file suit in May. Pripachkin said a one-time refusal to place the advertising constitutes collusion.
“Twitter made a subscription available for its own cryptocurrency and banned all others, this caused a lot
of pain for the cryptos community” Pripachkin said
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 has been introduced to include industry associations from Korea and China in thelawsuit – 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.
Pripachkin made it clear that the suit will be filled again the organizations and their shareholder.
He added by saying “If the shareholders and managers of these companies own cryptos which they use for personal gain, the shareholders are subject to prosecution”.
The new association will create a fund and will file the suite in united state of America.
The ban will also include all ads related to cryptos exchanges and wallet services, with an exception
afforded to publicly listed companies listed on certain major stock markets, twitter join facebook and
google in their policy of banning advertisement promoting cryptocurrencies and ICOs from its platform.
cryptos exchanges registered and licensed to operate by the Financial Services Agency (FSA),will be excluded from this ban.
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.