Blockchain and cryptocurrency associations accuse Facebook, Twitter and Google of 'manipulating the market' by banning ICO and cryptocurrency ads

A group of cryptocurrency and blockchain associations from different countries consider that the blocking of ads by Google, Facebook, Twitter and Yandex is a conspiracy to manipulate the market.

Google, Facebook, Twitter, and Yandex's block from posting ads on their pages regarding cryptocurrencies and ICOs has been quite controversial in the industry. Perhaps, they have not acted in a smart way, trying to find the method that only legitimate and validated cryptocurrency and ICO ads will be published and they have nipped everything in the bud. This error has caused four blockchain and cryptocurrency associations from Europe and Asia to come together to file a lawsuit in the US court with the accusation of abuse of power by monopoly, which would hide a 'conspiracy to manipulate the market'

The class action lawsuit will be filed by the South Korean Business Association (KOVA), the Russian Association of Cryptocurrencies and Blockchain (ARCB) and the China Association of Cryptocurrency Investors (LBTC). These association itself, agreed to the development of the Eurasian Blockchain Association (EBA), during the BlockchainRF-2018 event, which was held earlier this week in Moscow.

According to the Russian media Tass, the idea of ​​developing a class action lawsuit, came from Yuri Pripachkin, president of the ARCB, who has highlighted that the two social networks and the two largest search engines in the world that have blocked ads, have a 'monopoly position ', which allows them to' manipulate the market '

Furthermore, Pripachkin stressed that 'the ban on these four organizations has led to a significant drop in the market in recent months'. They would not only go for the companies, but also for the shareholders of these companies, if they have investments in cryptocurrencies, since the EBA would consider that what would be done is to manipulate the market in order to obtain a privileged position and obtain a great personal benefit.

Pripachkin has not ruled out taking legal action in each of the states where these companies are based, raising legal costs. To pay for all this deployment, they want to develop a crowfounding, which allows them to finance the entire process.