Facebook and YouTube may soon be paying for “a sin” they committed in 2018. That was the year they banned some crypto adverts. The affected people think it’s payback time for being anti-competitive.
A class-action lawsuit against Facebook and YouTube has been filed by the law firm, JPB Liberty, and submitted to the Federal Court of New South Wales. The two companies were alleged of being partial to prevent crypto advertising two years ago.
JPB said although the ban was lifted in 2019, it already caused so much harm such as putting an end to Initial Coin Offering (ICO) market and other problems in the crypto industry.
The CEO of JPB Liberty, Andrew Hamilton, said Facebook and YouTube were united in preventing crypto ads to favor some industries in the blockchain sector.
So far, the tech giants have been accused of causing damages worth $600 million in different crypto communities. More claims are likely going to be submitted before the closing date on August 21. According to Hamilton, there is a possibility that Facebook and YouTube will be charged for damages worth up to $300 billion.
Those who have made this class-action lawsuit alive include Hamilton’s friends and institutional litigation funders. If YouTube and Facebook are found guilty, the money they pay will be shared in the ratio of 7:3 between the applicants and the case funeral respectively.
Moreso, the parties involved are aware of the fact that anyone that loses must pay for the legal expenses made from the beginning to the end of the proceedings.
YouTube has made crypto scams proliferate
According to YouTube and Facebook, the ban was imposed to prevent people from becoming victims of crypto scam but Hamilton said that excuse was totally unacceptable:
“There are impersonation scams of crypto all over YouTube — impersonating the Ripple CEO, the Binance CEO.”
He further cited Binance’s legal action against YouTube and said “Youtube has failed to ban actual impersonation scams while banning the genuine company.”
The CEO of Binance who is fondly called CZ said this about YouTube: ‘we, Binance, can’t advertise on YouTube […] but you are letting scammers using my image and advertise, to not just post on YouTube, but advertise on Google AdWords.’”
Hamilton further said YouTube’s claim of fighting crypto scam cannot be substantiated because it was even on its platform that millions got scammed through impersonation which happens to be the number one method crypto scammers have used to steal from investors.