Global cryptocurrency groups are banding together to sue Google, Twitter, Facebook, and Yandex for collusion in response to recent advertisement bans on the platforms.
Many people see tech giants such as Google, Twitter, and Facebook as practically untouchable entities because of the power and money they have behind them. When these technology superpowers make a decision, most bow down in acceptance that it is simply the way, the law of the land, and reroute their plans to work against whatever changes the platforms make, regardless of user impact.
Despite outrage among the cryptocurrency community following recent and upcoming ad bans, most had done exactly that—simply accepting the change and looking feverishly for workarounds. However, the Russian Association of Cryptocurrency and Blockchain (RACIB) have teams with industry associations in Korea and China have come together to form the Eurasian Blockchain Association in order to sue the tech giants for collusion.
What do ad bans and collusion have to do with one another?
Aside from being tech superpowers, Google, Facebook, Twitter, and Yandex have something else in common—all have banned or are banning ads that have anything to do with cryptocurrency including coins themselves, ICOs, wallets, and exchanges, all with very few exceptions. LinkedIn is yet another company who has banned crypto-related ads.They are doing this under the guise of cracking down on illegal activity.
Members of RACIB are inclined to believe that this is may be considered market manipulation because cryptocurrency prices have dropped substantially since ad ban announcements were made.
Yuri Pripachkin, president of RACIB, said on the topic:
Google, Twitter, Facebook, and Yandex banned the advertising of crypto-currencies in their networks. We believe that this is the use of the monopoly position of the four companies that entered into a cartel with each other to manipulate the market. The ban on these four organizations led to a significant drop in the market in recent months.
The Eurasian Blockchain Association will be filing suit within the US.
This increasing turmoil is another ding against Facebook in particular amid various other lawsuits. For example, three users sued Facebook in March 2018 and are seeking class-action status due to the fact that the Facebook Messenger app was collecting call and text message content. Facebook and Cambridge Analytica are also being sued for allegedly violating Illinois fraud law via a personality quiz app that collected data on approximately 50 million users which was then used to create voter profiles to influence the Trump election. In yet another Facebook lawsuit, the National Fair Housing Alliance filed suit over ad targeting which allowed landlords to discriminate against potential tenants. This is despite promises from the company to crack down on advertisers who only show housing and employment ads to white people.
The Eurasian Blockchain Association intends to file their suit against the company and others like it in May, according to TASS.