Crypto News | Blockchain Association Suing

The rumored Twitter ICO ads ban has just been confirmed by the media company. Although not an outright ban, there will be some serious restrictions, for example, only ICOs that can prove that they are legally regulated in the targeted country will be allowed to advertise on the platform. The move will not be without its consequences, though. Korean, Chinese, and Russian crypto companies banded together to form a blockchain association and sue the Internet media behemoths over the bans.

The newly formed Eurasian Blockchain Association will file a joint lawsuit against Twitter, Facebook, Google, and Yandex in May. Yury Pripachkin, the president of the Russian Association of Cryptocurrency and Blockchain (RACIB), now a member of the Association, spoke at a blockchain conference in Moscow yesterday, saying that the four media companies used their monopoly position by entering into a cartel agreement to manipulate the market. The move to ban crypto ads has had serious adverse effects, leading to a drop in the market. He also said that, in case that it turns out that the shareholders or managers of these companies have crypto wallets, it could be argued that they are using the position of these powerful companies for personal gain, making them subject to prosecution.

The news of the blockchain association lawsuit broke against the backdrop of a massive community backlash against Facebook. After several major missteps from Zuckerberg, with the Cambridge Analytica data scandal being the last drop, Facebook users got tired of the “We’re sorry, we’ll be working hard to determine what happened, we’re still trying to understand it ourselves, we will be good now, we promise” excuses, starting a campaign to delete Facebook. The campaign has been championed by a series of companies and public figures. Only today, Facebook lost both Will Ferrell and Playboy! Let’s not forget, we are talking about opinion makers with millions of followers who are leaving the platform and instructing their fans to do the same. Will Ferrell said that he was appalled at how Facebook abused its position to misuse the private information of its users in order to undermine democracy.

And it’s not just people turning against Facebook. Mozilla Firefox introduced a Facebook quarantine extension yesterday. The extension acts as a container for Facebook, completely isolating the social network and blocking it from seeing or interacting with the rest of your internet traffic or browsing activities. It is quite ironic that the move by Mozilla might actually help Facebook, since some users may see the extension as the middle ground between using Facebook without worries and deleting it forever.

It would seem that both people and companies are taking legal issues more seriously. A Japanese media outlet has reported that Coincheck is being sued by 132 investors in a joint class action lawsuit for allegedly not being reimbursed fully. At the same time, the Investment Association of China (IAC) has scrapped its plan for a Chinese blockchain funding center over regulatory hurdles, while Upbit, a South Korean exchange backed by Kakao, has launched a system that rewards users who report illegal crypto schemes.

More regulation doesn’t just mean paying more taxes and having to turn over personal information. On the flip side of the coin, nobody should be able to kick you around – Coincheck shouldn’t be able to kick its users around, while Facebook shouldn’t be able to kick Coincheck around. If they do, we’re all equally entitled to “equal protection of the laws”.

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Author: Max Rothstein

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