Beijing has given Facebook the thumbs up for an "innovation hub" in China. Photo: iStock
Beijing has given Facebook the thumbs up for an "innovation hub" in China. Photo: iStock

The legal challenge against Google, Twitter, Facebook and Yandex for not allowing crypto-related ads is growing. Initially, three organizations – the Russian Association of Cryptocurrency and Blockchain (RACIB), the Korea Venture Business Associations, and LCBT, a Chinese association of crypto investors – created the Eurasian Association of Blockchain in March to fund and file the lawsuit.

This group has now been joined by Swiss blockchain firm InnMind, the Armenian Blockchain Association and the Kazakhstan Blockchain and Cryptocurrency Association.

The six groups and companies will be represented by a new Luxembourg-registered fund reports Blockchain News, while the lawyers will be paid with funds collected in a crypto-currency wallet registered in Estonia.

The lawsuit is set to be filed in May, perhaps in the US state of Wyoming, which has in the last few months passed laws that the Eurasian Association of Blockchain understands to be crypto-friendly.

Yury Pripachkin, the president of the RACIB, speaking at a blockchain conference in Moscow on March 27, said the association claimed the four social media giants had “entered into a cartel agreement with each other in order to manipulate the market.”

“We believe that if it turns out that the shareholders or managers of these companies own crypto-wallets which they use for personal gain, using the position of their companies, they [should be] subject to prosecution.”