Facebook Ban on Cryptocurrency Ads Ends with a LawsuitApril 8, 2018
Facebook faces another negative headline in the form of a lawsuit due to their band on cryptocurrency ads. Last January, the company announced the ban on a crypto advertisement. They cited cryptocurrency ads are “misleading or deceptive promotional practices”.
Following Facebook, other companies followed such as Google and Twitter. The leading social network issued this year a controversial ban on cryptocurrency ads, which the public did not find amusing. The reason behind the ban is to protect their consumers from all kinds of costs, which all sounds great.
Unexpectedly though, this course of action did not receive praise and instead earned them a lot of criticism. The campaign’s main target is token sales and ICOs, which has caused uproar across the world over the past months.
The ban on cryptocurrency ads is not the only weird decisions Facebook made recently. Earlier this 2018, the company unveiled a new VR game that has an uncanny similarity with a recent mass shooting at a gun-related convention.
The event became a huge mess up and resulted in a massive criticism. In addition to this, Facebook is also making headlines about another scandal regarding Cambridge Analytica. After Facebook banned cryptocurrency ads, the Eurasian Blockchain Association is quick to strike back.
Different associations from South Korea, China, and Russia make up the newly formed association. Their sole purpose is to sue Facebook for their ban on cryptocurrency ads. This bold move quickly triggered similar lawsuits from other ventures.
Yury Pripachkin, president of RACIB, said that the course of action that these four companies took have a negative impact on the cryptocurrency market. In the recent months, the market showed significant drop due to the ban.
As such, major cryptocurrency ventures banded together to create the Eurasian Blockchain Association to help gather funds that will support a lawsuit. Pripachkin also said that anyone who wanted to contribute to the funds is welcome.
Besides filing a lawsuit against the company, the association will also file a claim against the shareholders of the company if found they also have crypto wallets. Based on the recent available information, the Eurasian Blockchain Association plans to file the lawsuit in May 2018.
The state in which the lawsuit will be filed remains unclear but some speculations say that it may be “cartel collusion”. It means the lawsuit will involve not only Facebook but also Twitter, Google, and Yandex. These companies have all taken the same course of action against cryptocurrency.
It is still unsure how this lawsuit will play out. It is, after all, quite difficult to prove that there is a collusion happening. It is also unlikely that Facebook reverses its decision about banning cryptocurrency ads.
However, sectors can expect that the lawsuit will have a big role to play in cryptocurrency’s future. The outcome of the lawsuit can make the industry either far worse or make it even better. Still, the people in the industry feel good that they can hear voices about the censorship and monopolies on the web.