Facebook, Google, and Twitter, the renowned tech giants have all banned cryptocurrency and ICO ads and what makes you think that crypto companies are going to sit quietly. Cryptocurrency and blockchain organizations from Switzerland, Kazakhstan, and Armenia have become a part of the initiative to sue internet companies over restrictions on crypto-related advertisements.
These countries will be joining the initiative started earlier by crypto companies of Russia, China, and South Korea, as reported by a Russian news outlet RNS. The media outlet reports that the joint lawsuit by the new companies of these countries is likely to be filed in May 2018.
The new support for the crypto community came from the Swiss company Innmind, working to bring together startups and investors, the Armenian Association of Developers and Users, and representatives of the crypto sector in Kazakhstan. The class action lawsuit will be filed in New York. Legal costs will be covered with funds raised through donations to a wallet registered in Estonia.
Eurasian Blockchain Association (EBA) members intend to file the class action lawsuit against several large corporations which introduced restrictions on advertising of cryptocurrencies and related projects, like initial coin offerings.
According to Yury Pripachkin, the president of Russian Association of Cryptocurrency and Blockchain, the funds for lawyers are to be collected on a digital wallet registered in Estonia.
Google, Facebook, and Twitter announced restrictions on ads of cryptocurrencies and related content in recent months. The tech giants have banned advertisements of coin offerings, crypto exchanges and wallets, and cryptocurrency trading advice.