GOOGLE, FACEBOOK, AND TWITTER ARE SUED FOR BANNING CRYPTO ADS

Posted 01 October, 2020

The crypto business is preparing to sue Google, Facebook and Twitter in an Australian - Israeli class action lawsuit that could cost tech giants up to $ 300 billion.

 

The David and Goliath case attracted up to $ 600 million in litigation - a number that has increased as more people join.

 

The no-win case without commission has now been referred to a senior attorney pending funding.

 

Companies and individuals, represented by Sydney-based firm JPB Liberty, say their businesses were damaged during the period when Google, Facebook and Twitter banned cryptocurrency ads in 2018.

 

The social media giants have been acting for weeks, imposing bans in their terms of service.

 

Google announced that it will partially lift the ban in September 2018 to allow regulated exchanges to buy ads in the US and Japan.

 

In 2019, Facebook said it would no longer require pre-approval for ads related to blockchain technology, which also fell under the ban, but the ad cryptocurrency must still pass verification.

 

Australian government website Moneysmart warns that people are losing their money in speculative cryptocurrencies with IEOs on unregulated exchanges, saying many of them turned out to be scams.

 

Other cryptocurrencies, the most famous of which are Bitcoin, have evolved into widely used products useful for moving money across borders, while the blockchain technology behind it is revolutionizing data security.

 

Entrepreneurs say there were very few regulated exchanges in 2018, so a ban on social media ads undermined their legitimate business growth as they were banned from using the world's largest online advertising platforms to generate leads.

 

JPB Liberty arranges case funding from institutional sponsors, venture capital and ideologically aligned investors.

 

Applicants will receive 70 percent of the possible settlement or damage, while sponsors will receive 30 percent.

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