A newly founded Blockchain Association is planning to file a lawsuit against the ongoing ban of cryptocurrency-related advertisements by social media giants, reports said citing Russian news outlet TASS. The move follows the recent announcements by Facebook, Google, Twitter, and Yandex to ban ads related to cryptocurrencies and Initial coin offerings or ICOs.
The Eurasian Blockchain Association or EBA, comprising Russian, Chinese and South Korean associations for cryptocurrency and Blockchain, at a meeting in Moscow reached a deal to file a class action challenging the ban in a US court.
EBA representatives include Russian Cryptocurrency and Blockchain Association or RACIB, the Korea Venture Business Association or KOVA and the Chinese Association of Cryptocurrency Investors or LBTC.
Citing misleading or deceptive promotional practices, social media giant Facebook, the second largest ad provider in the world, had initiated the move in late January, banning all adverts promoting cryptocurrencies. Facebook's announcement was after the significant growth in adverts for cryptocurrency-related investments. Many of these adverts were feared to be scams. Misleading or deceptive ads have no place on Facebook, the company then said.
Google, the world's largest online ad provider, followed with the announcement in mid-March of an impending ban, citing consumer protection. The search engine giant said it would ban ads promoting cryptocurrencies and related content including ICOs from June, as part of its policy to restrict the marketing of high-risk financial products.
Twitter started banning crypto-related ads, specifically for ICOs and token sales, from Tuesday. Russia's biggest search engine Yandex reportedly would enact its own set of prohibitive measures. As per reports, social media platform Snapchat has also banned advertisements of ICOs.
During the BlockchainRF-2018 congress in Moscow, Yury Pripachkin, the president of RACIB, said the companies' decisions to ban the ads negatively affected the crypto market in the last few months.
"We believe that this is a use of the monopoly position of these four companies, which have entered into a cartel agreement with each other in order to manipulate the market. The ban from these four organizations has led to a significant drop in the market in recent months," Pripachkin said.
He added that the association will also file suit against the companies' shareholders or managers if they have crypto wallets used for personal gain.
The lawsuit is expected to be filed in the US, as some US states, mainly Wyoming, are loyal to cryptocurrencies. Wyoming recently passed laws to exempt crypto from state property taxes and relax securities regulations.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.