Most of the social media giants banned cryptocurrency related ads recently. Facebook, Twitter and Google all introduced an outright ban.
According to the newly formed Eurasian Blockchain Association (Евразийская ассоциация ассоциация блокчейна) or EBA, this is taking advantage of the social media giants’ market monopoly.
The Russian Association of Cryptocurrency and Blockchain (RACIB), The Korea Venture Business Association and the Chinese association of crypto-investors (LCBT) formed the Eurasian Blockchain Association. Their goal – to unite over various crypto initiatives and care for the interest of crypto adopters. First item on the agenda – prepare a lawsuit against social networks and search engines for banning cryptocurrency promoting ads.
Yuri Pripachkin, president of the EBA, said:
“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 EBA wants to take action against Facebook, Twitter, Google and Yandex. EBA will fund the action through crowd funding and a specially created crypto fund. The lawsuit will be filed in one of the US courts.
“The suit will be filed not only to organizations, but also to their shareholders, if it turns out that they have cryptocurrency”
Pripachkin explains and continues:
“We believe that if it turns out that the shareholders or managers of these companies own cryptocurrencies, which they use for personal gain, using the capabilities of their companies, they are subject to prosecution,”
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