According to the plaintiffs this was a sign of anticompetitive conduct. Specifically, the plaintiffs insist that because of the measure, the burgeoning market for initial coin offerings (ICOs) was killed in 2019 and could never expand in Australia as a result.
JPB Liberty CEO Andrew Hamilton insisted that Google and Facebook acted as a “cartel” in the so-called “crypto ad ban” move dating back to 2018. The lawsuit expects $600 million back from the companies, but more complaints are being added to the claim and will continue to be so until August 21.
If the full potential of the lawsuit is fulfilled, then the claim against the tech giants could reach $300 billion. The lawsuit is founded by both Hamilton, as well as people who are close to the case. If successful, Hamilton will win 70% of the refunds with the plaintiffs getting the other 30%.
However, Hamilton will need to cover the legal expenses should the lawsuit lose in the end. Yet, this hasn’t stopped him from criticising the tech giants’ control over current crypto scams. He explained that “there were impersonation scams of crypto all over YouTube — impersonating the Ripple CEO, the Binance CEO,” but that wasn’t something the companies had acted against.
To Hamilton the 2018 ban was the most “appalling and egregious thing he has ever heard of.”
The Australian market has taken to crypto in a big way in recent years, with Kraken recently entering the country to operate. Meanwhile, crypto casinos have faced an uncertain future with various legal challenges against gambling as a whole, but various operators such as TrueFlip and Bitcasino can still service players in the region.