[2018-03-28] Crypto Associations to Sue Internet Giants Over Banned Crypto ADS

[nickbelski]

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.

Cartel Collusion and Abuse of Power

The 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.

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

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[Betwrong]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

[kevoh]

The 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.

Interesting! How come there is no US body or association among those planning to file the joint lawsuit?

[Zitudent]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

I agree with that. But I wonder if they can sue banks who forbid crypto currency transactions using these banks.

[jjacob]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

I agree with that. But I wonder if they can sue banks who forbid crypto currency transactions using these banks.

They really cannot win against banks because banks are under no obligation to provide their services to anybody. Of course if banks blatantly discriminate, they can still be hauled up in court. I suspect it will be the same for internet media giants. They can decide their terms and conditions of service and can decide not to service crypto companies.

[bitae]

To be honest I think that company must have the right to deny who they choose allow to advertise, but I think the case will be made because this is quite a wide filter that they are using. We all know about the shitty low quality ICO's but I think instead of just banning all facebook is capable of checking the ads for credibility.

[1Referee]

To be honest I think that company must have the right to deny who they choose allow to advertise,

Yes. People should just move on and accept that these things happen on centralized platforms. If they don't want to list crypto ads, then let it be so. People in most cases won't even click on legitimate ads, because they don't say COME HERE AND WE'LL PROMISE YOU 50% RETURNS. We got rid of dirt mostly, and that's the positive side of this development. There are enough other crowded places to advertise on if needed.

We all know about the shitty low quality ICO's but I think instead of just banning all facebook is capable of checking the ads for credibility.

Too much of a hassle, because they very well know that it isn't rewarding. It was clear that the far majority of the ads were coming from illegitimate services, so the very few legitimate services that were advertising, but got burried under the insane load of scam ads, will not even bother spending time on it, so why would social media platforms do?

[Betwrong]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

I agree with that. But I wonder if they can sue banks who forbid crypto currency transactions using these banks.

They really cannot win against banks because banks are under no obligation to provide their services to anybody. Of course if banks blatantly discriminate, they can still be hauled up in court. I suspect it will be the same for internet media giants. They can decide their terms and conditions of service and can decide not to service crypto companies.

I'm sorry but I don't understand what you guys, Zitudent and jjacob, are talking about. What banks? Have you even read either my post or the article, where the word "banks" have not been mentioned even once? It is a case of internet corporations banning crypto ads. What does it have to do with banks? Please correct me if I'm missing something.

[stompix]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

I agree with that. But I wonder if they can sue banks who forbid crypto currency transactions using these banks.

They really cannot win against banks because banks are under no obligation to provide their services to anybody. Of course if banks blatantly discriminate, they can still be hauled up in court. I suspect it will be the same for internet media giants. They can decide their terms and conditions of service and can decide not to service crypto companies.

I'm sorry but I don't understand what you guys, Zitudent and jjacob, are talking about. What banks? Have you even read either my post or the article, where the word "banks" have not been mentioned even once? It is a case of internet corporations banning crypto ads. What does it have to do with banks? Please correct me if I'm missing something.

He just went further ahead.
If they sue Google and the others and win, maybe they can also sue banks that are blocking crypto related transfers.
Hypothetically....

They ban Crypto ICOs promotion on social media because they received nothing in returned ^_^

Oh but they have received, and a lot.
I wonder if we will ever the the numbers but i'm willing to bet millions where spend on ads on google alone.

But now seriously...
The Chinese Association of Cryptocurrency Investors (LBTC) is going to sue Google and Facebook (who are blocked in China) for not allowing ICO ads while ICO are still under a so called ban in China.
And they think they have a chance? 

[Pirunpoika]

Hope they will succeed and crypto ads will return back everywhere. Lot of people are making money out of it. No ads - no money and less opportunities for good projects to succeed

[hatshepsut93]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

There's no way they will win this lawsuit, they're a small fish compared to those companies, plus governments are pretty suspicious of cryptocurrencies. On top of that, those companies are free to decide what ads they show to their users, I don't see anything illegal in refusing to work with certain customers (ICO's and crypto services).
What would really be nice though is if search engines stopped giving ad space for phishing sites that mimic exchanges and wallets, since newbies are easily getting tricked by them.

[Betwrong]

Hopefully, they will win the lawsuit. Indeed it is unfair to the developers, participants and all the other people involved in ICOs to ban advertisement on such popular platforms as Facebook, Google, Twitter and Yandex. It's a known fact that without promotion no business can survive nowadays, so they are literally trying to kill the ICO business by those restrictions.

I'm not trying to say that ICO scams should not be banned, but banning all the ICO ads is not how it should be done in the free world.

There's no way they will win this lawsuit, they're a small fish compared to those companies, plus governments are pretty suspicious of cryptocurrencies. On top of that, those companies are free to decide what ads they show to their users, I don't see anything illegal in refusing to work with certain customers (ICO's and crypto services).
What would really be nice though is if search engines stopped giving ad space for phishing sites that mimic exchanges and wallets, since newbies are easily getting tricked by them.

Exactly. It would have been far better if they had been working on that rather than banning all crypto ads indiscriminately. If there are bad players ban them from the game, but don't try to end the game entirely because the game will continue as it belongs to the future, only you will be out of the game.

Regardless of whether they will win the lawsuit or not, Facebook, Google, Twitter and Yandex will lose in the long run unless they change their mind.