Several crypto entrepreneurs are preparing to file a class action lawsuit against Google, Facebook and Twitter regarding the damages suffered from the ban on advertising crypto-related content.
In particular, these entrepreneurs have hired the Sydney-based law firm JPB Liberty to defend their interests in court.
They claim the measures adopted by Google, Facebook and Twitter have seriously harmed the legitimate development of their business, as the technology giants banned them from using the world's largest advertising platforms to attract potential customers.
Back in 2018, social networks started to restrict ads related to cryptocurrencies and ICOs. The first companies to ban crypto-related ads were Facebook and Instagram, which were later followed by Google and Twitter.
However, the restrictions were not in place for long and in June 2018 Facebook started to allow again posts related to cryptocurrencies after they were approved, while in 2019 it started to allow the publication of ads related to blockchain innovations and reports on industry events without prior approval.
The damage is currently estimated at $600M, however, it could grow to $300B in the future. According to the lawyers:
"The class action will seek damages for worldwide losses of crypto industry members and investors. The announcements of the crypto ad ban by the respondents dropped crypto markets by hundreds of billions of dollars."
The class action will be filed in the federal court of Australia against the companies' local subsidiaries and the parent companies.
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