Cryptocurrency groups from different countries are fighting against crypto ad bans with lawsuits. Cryptocurrency companies and associations from South Korea, Russia, and China, to name a few, have joined together to file a class action lawsuit against the companies that have recently banned cryptocurrency and ICO ads on their platforms. This lawsuit results from the collaboration of participants from the recently concluded BlockChainRF-2018 Congress in Moscow, Russia called the Eurasian Blockchain Association.
The association is made up of members from the Russian Cryptocurrency and Blockchain Association (RACIB), the Chinese Association of Cryptocurrency Investors (LBTC), and the Korea Venture Business Association (KOVA).
Companies that have banned crypto-related advertisements so far are Google, Facebook, Twitter, Snapchat, and, as recently reported, LinkedIn.
Yuri Pripachkin, RACIB President, had this to say regarding the lawsuit:
“We think these four companies are using their monopoly power and have colluded to manipulate the market.”
The Eurasian Blockchain Association looks to file the suit in US courts by May of this year. The lawsuit will challenge the restrictions made by the said companies, whose bans have affected legitimate cryptocurrency companies more than their fraudulent counterparts.