A number of cryptocurrency associations and companies from countries including South Korea, Russia, and China are planning to file a class action lawsuit against internet advertising companies and social platforms that have decided to ban cryptocurrency and ICO advertisements. This lawsuit, which seeks to challenge the restrictions put in place by Facebook, Google, and Twitter, was a collaborative effort of the participants at a recent cryptocurrency conference in Moscow.
According to sources, the newly-formed
Eurasian Blockchain Association will file the suit in U.S. courts by May. This association is made up from representatives from the
Russian Cryptocurrency and Blockchain Association (RACIB), the
Korea Venture Business Association (KOVA) and the Chinese Association of Cryptocurrency Investors (LBTC). These associations signed the agreement during the
BlockChainRF-2018 Congress in Moscow. The sources also confirmed that a special crypto fund will be created to raise funds for this class action lawsuit and which is also accepting donations.
The advertising bans put in place by the various social media companies have hit the cryptocurrency markets extremely hard, with drops in values of around 50-60% in some cases. On Monday, Twitter began prohibiting cryptocurrency and ICO-related advertisements on its platform. The total market cap of crypto currencies has recently fallen below the $300 billion mark. Another social networking site, Snapchat, is reportedly also considering an ICO ban.