After banning advertising for cryptocurrencies by Google and its video-sharing site YouTube, as well as Facebook and Twitter, a law firm representing cryptocurrency entrepreneurs and investors who allege their businesses have been hit by the ban has filed a case against the tech giants in court in Australia.
The Daily Mail Australia reported on Sunday that news of a class action lawsuit could end up costing tech companies hundreds of millions.
The article said the zero-sum and no-fee case, organized by Sydney-based law firm JBL Liberty, was funded by institutional litigation financiers, venture capital funds, and "allied investors".
Commenting on the case, JBL Liberty CEO Andrew Hamilton told Cryptonews.com that "the lawsuit's strategic goal is to restore freedom to the Internet" and that they have "nearly 500 companies and individuals who joined the class-action with a total claim value close to $ 700 million."
The CEO said they would pursue the following demands from the court:
Completely lift the ban on digital ads;
Compensate for damages caused by losses in the value of digital currencies (up to 370 billion USD) and "the massive damage caused to digital currency companies from the banning of digital advertising (billions)";
A general apology to the cryptocurrency industry;
Free ads on Facebook, Google, and Twitter for all cryptocurrency projects affected by the ban as long as the ban is in effect (currently two and a half years).
According to JPB Liberty, the company is "investigating other potential collective actions to protect the cryptocurrency community" from both banks and regulators in the future.
The current class action lawsuit against Facebook, Google and Twitter has also been announced on the company's website, whereby individuals and companies who believe they have been harmed in any way by the cryptocurrency ads ban can join the lawsuit.
Crypto ads were banned by major tech companies Facebook, Google, and Twitter after the spread of initial coin offerings (ICOs) in late 2017 and early 2018. However, in May of 2019, Facebook softened its stance on cryptocurrencies by permitting ads that incorporate tech. Blockchain, news, events, and specific educational content, while Google opened the door again in October 2018, when it allowed regulated trading platforms to advertise their services.
I'm actually happy to see this is being done. I hope they can get somewhere legally.