A new entity, the Eurasian Blockchain Association, was formed during the 2018 Blockchain Conference that was held on March 28-28 in Moscow, Russia. The representatives of the association include some of Asia’s heavy hitters when it comes to crypto advocacy, the Russian Association of Cryptocurrency and Blockchain, the Korea Venture Business Association, and the Chinese Association of Cryptocurrency Investors.
One of the first issues the Eurasian Blockchain Association (EBA) plan on tackling is the recent ban on cryptocurrency related ads across various digital media platforms like Facebook, Twitter, Google, and Yandex. Facebook was first in banning cryptocurrency and ICO related ads back in January of this year, stating the growing emergence of crypto related frauds that were being promoted through ads being shown on the platform.
Yandex, the most popular search engine in Russia followed suit with the ban earlier in the year, leaving legitimate crypto businesses unable to advertise and promote on a larger scale. Most recently, Twitter and Google announced plans on also restricting crypto ads, a move which the EBA describe as collusion between the internet media giants.
“We think these four companies are using their monopoly power and have colluded to manipulate the market.”
Yuri Pripachkin, President of RACIB
Pripachkin has also stated that an investigation will be held on if the companies’ shareholders are owners crypto wallets. If the investigation discovers the ban on crypto ads would benefit shareholders, they will be subject to prosecution as well.
The lawsuit against the four companies was signed by the Eurasian Blockchain Association as well as all three representative organizations that make up the association. The EBA plan on filing the class-action lawsuit in May of this year and will be tried in the United States.
The news of the lawsuit has not received official comments from the media companies in question, and it is unclear how heavily it will weigh in a decision to uplift the cryptocurrency and ICO ad bans. Going up against such large corporations will be a daunting task, hopefully some US based blockchain organizations will join the fight in censoring crypto ads from the general public.