Google, Facebook & Twitter to face Lawsuit of $600 Million over Crypto Ad Bans
If you have been avidly following the crypto space, you would know that companies target potential customers in various variety of ways to promote their crypto businesses. If you know a bit about marketing, you would know that one of the more popular ways to market yourself is through paid ads on Google and Social Media. Unfortunately for Crypto business owners, advertising their offerings on Google, Facebook and Twitter has not been possible except for minor exceptions since all three internet giants banned Crypto Ads in January 2018 within weeks of each other. Following this, Australian Crypto Businesses and individuals are taking all three major tech companies to court over the banning of their Cryptocurrency ads from January 2018 to the present. JPB – Liberty, the Sydney based law firm is filing the class action lawsuit.
Statement by the law firm reads as following:
“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. Crypto exchange volumes also dropped by 60-90%.”
JPB Liberty
The case being thrown at the discretion of the court is stating that the banning of Crypto ads on Google, Facebook, Twitter, Whatsapp and Youtube has hurt the way these businesses acquire new customers. The lawsuit currently is standing at $600 Million but could grow to $300 Billion according to the reports that are being shared. A senior barrister is said to be the one reviewing the case. JPB – Liberty are currently calling out more claimants to join in the lawsuit. While stating that those people who were adversely affected by the ban from 2018 to the present have a right to claim a compensation including those who were holding Cryptocurrency in 2018.
Even though Facebook and Google have softened the ban a little since 2019, Twitter is still sticking to its policy despite being one of the most widely used social media platforms for the Crypto community. The case is currently under review and could shape the way Crypto businesses target their potential customers. What is your opinion on this topic? Who will win the case? Do the Australian Crypto businesses have a rightful claim to this? Will the ban be lifted in the future? As always, leave your thoughts in the comments below as we would love to feature you on our platform!
