Russian, Chinese, Korean Associations to Sue Internet Giants Over Banned Crypto

[egtrader]

Cryptocurrency and blockchain associations from Russia, China and South Korea plan to file a class action against internet corporations banning crypto ads. The lawsuit will challenge restrictions imposed by Facebook, Google, Twitter and Yandex. An agreement to take the matter to court in the US has been reached at a crypto conference in Moscow.

Also read: Lawsuit Challenges Google’s Ban on Crypto Ads in Russia
Cartel Collusion and Abuse of Power

Russian, Chinese, Korean Associations to Sue Internet Giants over Banned Crypto AdsThe lawsuit will be filed in a US jurisdiction in May by the newly founded Eurasian Blockchain Association (EBA). Representatives of the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA) and the Chinese Association of Cryptocurrency Investors (LBTC) have signed the agreement to create EBA during the BlockchainRF-2018 congress in Moscow (27-28 March). A special cryptofund will be created to finance the legal action, which can be supported through donations.

The most popular social network Facebook and the largest global search engine Google banned crypto ads in January and in March respectively. Russian media have reported about a similar decision by the biggest search engine in the country “Яндeкc” (Yandex). The company has not official confirmed the measure.

Reports that Twitter is going to also impose restrictions surfaced about 10 days ago. According to Reuters, the microblogging platform has confirmed the policy change which will take effect on Tuesday March 27. The ban will cover advertising of initial coin offerings and token sales, Twitter told the agency this Monday. It has been reported that another social media platform, Snapchat, has also banned advertisements of ICOs.
Shareholders to Be Held Accountable

The simultaneous refusal to advertise cryptocurrencies could testify that there was a cartel collusion, said RACIB’s president Yuri Pripachkin, quoted by Tass and Interfax. “We think these four companies are using their monopoly power and have colluded to manipulate the market,” he added. Pripachkin pointed out that the bans led to significant market drops in the last months.

The matter will be taken to a US-based court, the official said. Lawyers will have the final say about the jurisdiction where the lawsuit will be filed. “You know, every state has different laws. Some states, like Wyoming for example, have been fair towards cryptocurrencies,” Yuri Pripachkin commented, quoted by RIA Novosti.

Pripachkin added that EBA can also sue the companies in the states where they are registered. Legal actions can be taken against their managers and shareholders, if it’s proved that they have and use cryptocurrency wallets, he said.
Russia Losing Money on ICOs Held Abroad

Russian, Chinese, Korean Associations to Sue Internet Giants over Banned Crypto AdsLast week RACIB warned that the Russian economy could lose up to 1.5 billion USD from ICOs conducted by Russians in more favorable jurisdictions. Coin offerings with Russian participation account for 10% of the global ICO market. Russian projects have attracted $310 million dollars in 2017, according to a report that will be presented to President Putin.

Two laws legalizing blockchain technologies, mining, cryptocurrencies and coin offerings have been introduced in the State Duma, the lower house of Russia’s parliament. They will be adopted in June or July this year, Anatoliy Aksakov, head of the parliamentary Financial Market Committee, said during the BlockchainRF-2018 congress.

Cryptocurrency miners will be obliged to register as individual entrepreneurs or legal entities under the new regulations, Aksakov told participants at the conference. He also revealed that mining businesses will enjoy tax breaks for a period of two years after the adoption of the digital economy legislation.

Do you think the US justice system will strike down the bans on crypto ads imposed by leading global internet corporations? Tell us in the comments section below.

source: https://news.bitcoin.com/russian-chinese-korean-associations-to-sue-internet-giants-over-banned-crypto-ads/

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[EVOS]

I strongly agree with them, we as users and supporters of crypto should not just succumb, now we have to start opponents and make sure that crypto is not as bad as people think.

[jseverson]

The simultaneous refusal to advertise cryptocurrencies could testify that there was a cartel collusion, said RACIB’s president Yuri Pripachkin, quoted by Tass and Interfax. “We think these four companies are using their monopoly power and have colluded to manipulate the market,” he added. Pripachkin pointed out that the bans led to significant market drops in the last months.

If this is the basis of the lawsuit, then they'll likely have a hard time winning it. They'll have to prove that each of these companies have something to gain by manipulating the market. They're going to have to prove the collusion as well, and saying that they each banned within a few months of each other is likely not going to cut it.

I personally don't believe the bans were placed to manipulate crypto, but I guess I can kinda see why others might have different opinions. At least they're doing something about it, not promoting some grand conspiracy theory.

[northcoin2018]

I strongly agree with them, we as users and supporters of crypto should not just succumb, now we have to start opponents and make sure that crypto is not as bad as people think.

I dont agree with the banning of cryptocurrencies in this countries. This just show that they are intemidiated by cryptocurrencies.

[TradeCrypto]

I dont think these social media ad bans make much impact for crypto space even its good for long term growth  . But the whales are playing game by dumping coins even for the small news . Hope crypto will son get investor confidence will flow lots of fund inside atleast expected 500 billion will make market stable.

[Xester]

The counter attack has began and its just a matter of time before facebook, google will remove their banning of cryptocurrency. They will be forced to allow again cryptocurrency to be freely advertise on facebook and google. Cryptocurrency bullying especially to bitcoin have been very for the past years and it become more stronger this year. We will not remain watching while they are attacking us its time for us to fight back.

[munareal]

Suing those that ban crypto dealing is a good and welcome development for crypto users are citizens of those countries  . Banning crypto currencies dealings is infringing on their fundamental human right. The solution is to regulate and form polices that will curb scammers and hackers. This shows that digital currencies are not used by criminal and drug dealers

[Mofoblitz]

With lawsuits like these then these internet giants would have no choice but to start reviewing the rules which they put in place by banning cryptos. Go get them crypto community.

[Om.monata]

with the refusal and lawsuits of some of these countries will certainly give fresh wind to cryptocurrency if some of these countries won in court. because it will certainly affect the bitcoin price and probably all the coins in cryptocurrency for the better.

[onnz423]

A blanket ban on all ICOs is definitely overly harsh by Facebook/Twitter etc, but it's definitely approaching the right direction. I think they should simply allow ICOs if they meet certain criteria, e.g. be fully licensed, registered business with non-anonymous owners etc. The number of people being scammed by fake ICOs is staggering, but banning them as a whole will slow the pace of innovation, not cool. #deletefacebook

[daarul50]

The banning of various social media on crypto helps investors and bitcoin users to avoid scam and fraudulent investment services. With this ban, crypto becomes cleaner than anything that can harm many people so that with this ban any future crypto will be brighter than ever before. However, it is unfortunate when popes make use of this news to gain their own benefit from users who panic about the news in circulation.

[Doge dealer]

This is indeed great news , Russia finally implementing laws to legalize bitcoins , this would mean that all the "big players" are now on board and all that is left is for bitcoins to settle down and grow, it was quite staggering to see that Russia accounted for 10% of the global projects attracting a whopping $310 million dollars in 2017. There was also talk of Russia loosing money from not having the necessary legislative systems in place , i found that to be very interesting , this is suggesting that they are going to be doing all they can to curb this suggesting we can look for a rise in bitcoin prices very soon.

[5ensei]

It is a good case, it is illegal to collaborate with other big parties to form a monopoly. Banning ICO ads completely without even allowing the good ones is discrimination. A loss of earnings because of this should ensure they are sued and forced to reinstate the ads

[mktpromp]

I'll support crypto till the end and as we belong to the bitcoin community, it is our responsibility to help it in its dire situations. However, t think banning ads of social media won't affect much to crypto currencies because after it'll rise its price, nobody will care about it.