Eurasian blockchain groups to fight crypto ad ban
New body with members from Russia, China and South Korea claim Google, Twitter, Facebook and Yandex did 'cartel deal' to manipulate the market
Crypto-currency and blockchain associations in Russia, China and South Korea are planning to file a joint lawsuit against Google, Twitter, Facebook and Yandex for not allowing crypto-related ads, Cointelegraph has reported.
The organizations – the Russian Association of Cryptocurrency and Blockchain (RACIB), the Korea Venture Business Associations, and LCBT, a Chinese association of crypto investors – have created the Eurasian Association of Blockchain to fund and file the lawsuit.
Yury Pripachkin, president of the RACIB, speaking at a blockchain conference in Moscow on March 27, said the association believed the four social media giants had “entered into a cartel agreement with each other in order to manipulate the market”.
“We believe that if it turns out that the shareholders or managers of these companies own crypto-wallets which they use for personal gain, using the position of their companies, they [should be] subject to prosecution.”
The lawsuit is set to be filed in May, perhaps in the US state of Wyoming, which has in the last few months passed laws that the Eurasian Association of Blockchain sees as crypto-friendly.