Crypto Companies Have Sued Google, Facebook, and Twitter: What Is The Problem?
The ban on crypto advertising on Google, Facebook, and Twitter since the beginning of 2018 have been a powerful blow to the crypto business in the form of multi-billion dollar losses. But now crypto companies have decided to take revenge and have filed a class-action lawsuit against the digital market giants. What are the chances for a crypto business to win?
Google, Facebook, and Twitter against crypto ads
Advertising of cryptocurrency, exchanges, trading has been like a bone in the throat for a long time for such giants of the digital market as Google, Facebook, and Twitter. The beginning of the conflict between the crypto business and these companies was the introduction of a ban on the distribution of crypto advertising on January 30, 2018.
At the moment, the ban on advertising continues to operate without making any adjustments or indulgences. As a result, cryptocurrency companies have lost the most effective channel for popularizing information about crypto products today.
As you know, Google, Facebook, and Twitter control almost 80% of online advertising. The losses incurred by crypto companies and private entrepreneurs due to the advertising ban estimated at hundreds of billions of dollars. Also, over the two years of this ban, the volume of exchange on cryptocurrency exchanges has decreased by 60-90%.
The interests of the crypto business are represented in court by the law firm PB Liberty. A class-action lawsuit was filed against subsidiaries of Google, Facebook, and Twitter in Australia and directly against the parent companies. The law firm has a good chance of winning the court since the law is on the side of the plaintiff.
One of the attorneys commented on this lawsuit:
“If you’ve been hit by the crypto ad ban since the beginning of 2018, you can defend your legal rights in court. We are taking a class-action lawsuit against Google, Facebook, and Twitter to protect everyone’s rights. ”
What are the chances for a crypto business to win?
By regulations, Australia cannot make decisions that limit healthy competition among market participants. PB Liberty convinces that crypto companies to have the right to advertise their services or products, as long as it does not contradict the laws of the country.
The law firm initially estimated damages from the bans on ads on Google, Facebook, and Twitter at $600 million. But the appetite of the crypto business has grown over time, and lawyers are now considering filing a $300 billion lawsuit.