Cryptocurrency

Google, Twitter and Facebook would have to pay USD 600 million for banning notices cryptocurrencies

Representatives of several companies of cryptocurrencies, with headquarters in Australia, they would be preparing a class action lawsuit against Google, Facebook and Twitter. The entrepreneurs claim that the measures taken by these tech giants have severely impaired the development of your business.

The plaintiffs claim losses equivalent to about USD 600 million dollars, because the platforms of world’s largest advertising will not allow ads related to the cryptocurrencies. According to a report from the Daily Mail, the lawsuit could reach $ 300,000 million if you add up other litigants.

The complaint shall be filed by the law firm JPB Liberty, which explained that going to the federal court of Australia. Your objective will be to sue the parent companies of Google, Twitter and Facebook, as well as its affiliates, australian for violation of the defense of free competition and the protection of the consumer, as noted by the aforementioned means of communication.

Brian Bishko, lawyer of the law firm representing the plaintiffs, said that with the prohibition of advertisements relating to cryptocurrencies, were also affected small platforms blockchain as a Hive.

“At that time, the Hive is called Steem. It was growing and growing and suddenly they could not advertise on Facebook, or get new users,” explained Bishko to Daily Mail.

The article adds that the entrepreneurs are joined together with the goal of breaking the monopoly imposed by the three big technology companies. They believe that these would have conspired among themselves to ban the advertisements related to the ecosystem of the chains of blocks.

The approach refers to the fact that, in 2018, Google, Twitter and Facebook restricted the ads related to the cryptocurrencies and the ICO just with weeks of difference.

In agreement with the foregoing by Breaking News, the first companies to ban the advertisements related to the ecosystem of the strings of blocks were Facebook and Instagram, which are then followed by Google and Twitter.

However, some of these restrictions were not in force for a long time and in June of 2018 Facebook began to allow again the ads related to the cryptocurrencies.

Data yielded by the research company marketing emarketer allows you to visualize the power that large companies technological. Only Google and Facebook represent 60.9% of all spending on digital advertising in the U.S.

The prohibitions imposed by the three platforms of social networks originally were intended to protect against the fraudulent deals. However, recently it has been noticed that in Twitter and YouTube abound the ads payments that promote the scams with cryptocurrencies, something on which there has been no official statement, despite the complaints made by the community.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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