Cryptocurrency Associations Unite to Sue Google, Facebook, Twitter

A consortium of cryptocurrency associations from Russia, South Korea, and China will file a class action lawsuit against Google, Facebook, and Twitter, challenging advertising bans that have hit cryptocurrency markets hard. Though the three internet giants each claim that they are clamping down on illegal activity, the class action will claim that they are in fact the ones breaking the law.

The newly formed Eurasian Blockchain Association, which was cobbled together during the recent BlockChainRF-2018 Congress in Moscow, is an alliance of the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA), and the Chinese Association of Cryptocurrency Investors (LBTC).

RACIB President Yuri Pripachkin told Russian news outlet TASS that cartel collusion is the main complaint of the lawsuit: “We think these four companies are using their monopoly power and have colluded to manipulate the market. The advertising ban on cryptocurrencies from these organizations led to a significant drop in the market in recent months. If it turns out that the shareholders or managers of these companies have interest or ownership in a cryptocurrency exchange, which they use for personal gain, using the capabilities of their companies, they are subject to prosecution.”

The Eurasian Blockchain Association says it will file the suit in a U.S. court by May. Pripachkin said that the lawsuit will be filed in a state that has a favorable stance towards cryptocurrencies, “You know, every state has different laws. Some states, like Wyoming for example, have been fair towards cryptocurrencies.”

Pripachkin said that a fund will be created to raise money for the lawsuit.