Share this article
Google, Twitter and Facebook Face $600M Lawsuit Over Crypto Ad Bans
The corporate giants could soon face the wrath of cryptocurrency business owners in a lawsuit over the banning of crypto advertising in 2018.
Updated Sep 14, 2021, 9:34 a.m. Published Jul 22, 2020, 10:10 a.m.
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.
STORY CONTINUES BELOW
- 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.
Read more: Google Signs On as Network Validator for Blockchain Video Network Theta
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Mexico’s Central Bank Keeps a ‘Healthy Distance’ From Crypto
Banxico’s year-end report reaffirms its anti-crypto stance, highlighting legal risks, low adoption, and the need for international regulation.
What to know:
- Mexico's central bank maintains a cautious stance on digital assets, keeping them separate from its financial system.
- Banks and fintech firms in Mexico have been prohibited from offering cryptocurrencies to customers since 2021.
- The Bank of Mexico cites concerns over price volatility, cybersecurity risks, and money laundering as reasons for its cautious approach.
Top Stories
