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During the last months, different important social networks like Twitter, Facebook, and Google, started to ban crypto-related adds. The companies alleged that they are fighting against scams and other possible fraud related to blockchain and cryptocurrencies. But some countries are planning to fill some lawsuits against these companies.

Lawsuit Against Social Media Networks

There are different organizations from several countries trying to join forces in order to fill a joint lawsuit that would stop the cryptocurrency ad ban. Among the countries involved we find Switzerland, Kazakhstan, Russia, China and South Korea

Blockchain and cryptocurrency associations from these countries are working together in order to stop these ban related to crypto enterprises, or blockchain companies. Of course, several ICOs have been accused of scam, others of fraud, and some of them do not even develop a functional product.

With this in mind, social networks started to limit and regulate the market. Some of the ads displayed were offering magic ‘get rich quick’ schemes or similar fraudulent propositions.

The joint lawsuit will be filed in May 2018, in the North American city of New York.  The money that will be paid to the lawyers is being collected in a cryptocurrency wallet that has been registered in Estonia, one of the most crypto-friendly countries on earth.

Cryptocurrency Advertising Ban

According to a blog publication uploaded by Rob Leathern, Product Management Director at Facebook, the company will not allow cryptocurrency related ads on its platform.

The post reads as follows:

“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

But Google was the first important technology giant that banned crypto-related ads. In a statement posted in March 2018, google explains that they have updated their Financial services policy in order to restrict some advertisements. 

“In June 2018, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting. In addition, ads for the following will no longer be allowed to serve: Binary options and synonymous products, cryptocurrencies and related content, including initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”

Finally, Twitter had no more choice than following Google and Facebook. As reported by Reuters, Twitter will be banning crypto-related ads in the platform, starting on March the 27th, 2018.

It does not mean that Twitter’s CEO Jack Dorsey hates cryptocurrencies. Indeed, he claimed in the past that bitcoin will be the world’s currency. At the same time, he decided to invest in the development of the Lightning Network (LN).

Join the conversation over at Telegram (https://t.me/coinstaker)

Image Courtesy of Pixabay

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