Corporate giants Google, Twitter and Facebook could soon face the wrath of cryptocurrency business owners in a class-action lawsuit relating to the banning of cryptocurrency-related advertising in 2018.
According to a Sunday report from Daily Mail Australia, Australian crypto business owners, represented by Sydney-based law firm JPB Liberty, allege they were harmed by the banning of their advertisements and are seeking damages amounting to A$872 million (US$600 million).
That amount could rise to A$300 billion in total as more litigants join the class action, according to the report.
The ad bans were aimed to minimize harm to potential investors in initial coin offering (ICO) scams, but allegedly also had a sweeping effect on legitimate crypto businesses also.
Facebook, Twitter and Google all took action throughout 2018, including the bans in their terms of service.
A "no-win no-fee" case has been put before a senior barrister who will review the circumstances surrounding the case before it will move forward.
JPB Liberty is seeking to raise funding for the case from venture capitalists, litigation funders and investors, with claimants to receive 70% of any settlement and funders a 30% cut.
In May 2019, Facebook softened its crypto ban by allowing ads involving blockchain, industry news, educational content or events related to cryptocurrency to no longer require prior written approval.
Google came around a little sooner, reversing parts of its ban in October 2018 and allowing regulated exchanges to purchase advertising from the tech giant in the U.S. and Japan.
Twitter has yet to lift its ban relating to the advertising of ICOs, token sales, exchanges and wallet services.