Last month, cryptocurrency and blockchain organizations from South Korea, Russia and China decided to file a lawsuit against Twitter, Yandex, Facebook and Google by May of this year as a reaction to implementing a ban on crypto advertising on respective platforms.
Now three more countries are joining in on the act including KazaKhstan, Switzerland and Armenia as reported by Russian news outlet RNS last Friday, April 6. The associations included Korea Venture Business Association (KVBA), Russian Association of Cryptocurrency and Blockchain (RACIB) and LCBT, a China based association comprising of cryptocurrency traders and investors. Now, the new parties to this lawsuit include Swiss InnMind Fintech firm, Kazakhstan blockchain and cryptocurrency association and Armenian Blockchain Association.
The lawsuit will be file in the month of May in New York and funds to finance the lawsuit are being gathered through a digital wallet which has been registered in Estonia according to Yuri Pripachkin.
In last week of January of this year, Facebook announced it’s banned on cryptocurrency and Initial Coin Offerings (ICOs) related ads to curb misleading or deceptive promotional practices according to the social network’s CEO, Mark Zuckerberg. Google followed the footsteps of Facebook and put the ban on crypto ads effective June 2018. By the end of March, Twitter also joined the bandwagon of companies banning cryptocurrency ads.
It should be kept in mind that cryptocurrency has seen a considerable slump in value since the month of February and Bitcoin, Ethereum, Litecoin and other alt coins have depreciated in value by more than 100% as compared to their all-time highs. In the first week of January the valuation of all cryptocurrencies surpassed the sum of $850 billion but as of today it’s hovering around the mark of $250 billion.
It remains to be seen how this lawsuit will unfold and if this alliance would be able to get a favorable result out of their efforts but if they do, it might help the cryptocurrency prices to gain some momentum once again.