Russian Association of Cryptos & Blockchain (RACIB) Plans Facebook Lawsuit Over ICO Ad Ban
Crypto Associations Challenge Cryptocurrency-Related Ban Suing Internet Giants
Different internet giants including Facebook and Google imposed in January restrictions to crypto-related ads. But this time, Crypto associations and business in different countries showed interest in sueing those companies after imposing such restrictions.
Some days ago, Facebook informed that it was going to lift, or at least soften, the ban on cryptocurrency ads. But claimans want to proceed filing the lawsuit.
This class action lawsuit against international corporations will be filed in court, as Yuri Pripachkin, president of the Russian Association of Cryptocurrencies and Blockchain (RACIB) explained. Other organizations located in Asia and Europe will be working side by side in order to defend the cryptocurrency ecosystem.
During a conversation with the media, Mr. Pripachkin commented:
“We will continue [preparing the lawsuit] since they did not cancel the restriction on ICOs. We’ll press on to the end. We will slightly correct our legal position.”
On Tuesday, Rob Leathern, Product Management Director at Facebook, posted information about the new updated policies of the company. All the changes entered into force on June the 26th. He also stated that Facebook will be working in order to avoid ads that promote Initial Coin Offerings (ICOs).
Back in march, the Eurasian Blockchain Association (EBA), said that it wanted to challenge in court these restrictions. The movement has been supported by the Korea Venture Business Association, also known as KOVA, and the CHinese Association of Cryptocurrency Investors (LBTC).
Other organizations from countries like Armenia, Switzerland and Kazakhstan showed support to the initiative.
According to RACIB, the latest updates on Facebook’s policies are related to the efforts carried out by all these associations working together. Facebook, for example, recognized that they had a legally incorrect position, explained RACIB’s president.
It is also important to mention that the new policy updates implemented by Facebook do not include Initial Coin Offerings. RACIB is known in the country for pursuing favorable regulations on ICOs. Since the beginning of this year, companies offering tokens to the market raised more than $9 billion dollars, according to some reports.
Facebook was the first social network implementing a ban on crypto ads, back in January. After it, Google followed in March. Yandez, the biggest search engine in Russia has also introduced similar measures. Twitter had no option and imposed a similar ban.
In the future the situation may change as soon as clear rules start affecting the market. Countries like South Korea and Japan are imposing restrictions in the market in order to eliminate those companies that operate in a fraudulent way or that are simply scammers.