After many Internet companies banned cryptocurrency related advertising, many blockchain organizations, and exchanges in Kazakhstan, Switzerland, and Armenia have recently joined other countries namely China, Russia, and South Korea in filing a joint lawsuit against these companies.
Members Join Hands Against the Ban on Crypto Ads
The Chinese association of crypto investors, Russian Association of Cryptocurrency and Blockchain (RACIB) and Korea Venture Business Associations, and LCBT – Association of Chinese investors are some of the organizations who have originally filed the complaint. Last month, during a conference in Moscow, a new organization, Eurasian Blockchain Association who joined the legal action, was tasked with asserting their interests on an international level.
The new members of the joint lawsuit include organizations namely, American Blockchain Association, Swiss InnMind fintech firm and Kazakhstan Blockchain and cryptocurrency association. The president of RACIB, Yury Pripachkin confirmed this news a few hours back. He also mentioned that funds for lawyers would be collected on a digital wallet registered in Estonia.
The joint lawsuit is set to be filed on May 2018 in New York. The countries initially disclosed their plan on 27th March regarding filing the joint lawsuit against tech giants Facebook, Twitter and Google.
The Bans on Crypto Ads
On 30th January, Facebook banned all kinds of cryptocurrency related advertisements on its platform and also quoted Initial Coin Offerings (ICOs) as misleading or deceptive promotional practices. Following this, Google announced in March that it would start blocking any crypto related ads in June 2018. At the end of March, Twitter also confirmed its firm decision on banning crypto ads including ICO’s, crypto exchanges and wallet services, unless they are public companies.
Recently, a software engineer and a popular figure in cryptocurrency community, John McAfee also disclosed that he charges $105,000 per tweet for promoting crypto projects and products. However, he denied earlier stating that his promotional tweets are paid.