Vladimir Orehov, a Russian crypto entrepreneur, has filed a lawsuit against Google after the firm announced restrictions on crypto-related ads. The entrepreneur is demanding 2 billion rubles worth of compensation, claiming that the Russian Google entity’s ban is going to deprive him of crypto investment opportunities.
Foregone Earnings
Vedomosti, a local media outlet reports that Mr. Vladimir Orehov says that he is missing lucrative business opportunities, and therefore losing money. The businessman insists that the Russian Google entity OOO should compensate him for foregone income that amounts to 2 billion rubles, an equivalent of about USD 35 million.
The man also says that the company’s decision to impose stringent restrictions on crypto ads and related content will prevent him from finding other willing investors to support his crypto business plans. He wants compensation for what he terms as “moral damage” that the ban has caused. He further wants the ban lifted. He filed the lawsuit at the Zamoskvorechye District Court. The press secretary of the court confirmed the registration of the claim, done on March 15th.
Google announced its plans to restrict advertisements of digital currencies and related content, such as content on Initial Coin Offerings, crypto trading advice, and crypto wallets and exchanges. The company says it will implement the new rules by June 2018. Recently, Facebook also issued restrictions on crypto ads.
Mr. Orehov told reporters that he often invests in crypto projects and that he has crypto ideas that need funding. The Russian businessman has reportedly been building a network of cryptocurrency ATMs that have decentralized exchange, crypto payment systems, and a mobile wallet. He planned to organize an ICO with a pre-sale later this year. Through his ICO, the entrepreneur says he hoped to attract up to USD 2 million.
The man now says due to the impending ban; he has quickly lost access to potential crypto investors. He claims that the restrictions on digital currency advertisement and ICOs deprive him of handy information about other investors conducting token sales. That, he says, leads to a missed opportunity for a “promising investment” and is going to affect his income. He thinks the impending ban violates his rights to access information and it is illegal.
No hurry to copy Google
The news about the Moscow lawsuit comes just days after calls were made in Duma against banning crypto ads and related content. Mikhail Emelyanov, the 1st Deputy Head of the Parliamentary Legislation Committee, thinks that restricting crypto and ICO ads is really not worth it. Although he has his own mistrust of digital currencies, the legislator believes that individuals should be allowed to make their own choices. They have a right to do so and “that’s is why I would not rush to copy what Google is doing and make such decisions,” the lawmaker reiterated.
People get deceived but this doesn’t mean that cryptocurrency ads must be banned, the Innov quoted Emelyanov. “We should not ban everything every time. People have heads and have the right to make choices,” he said. He, however, warned that cryptocurrency investors should understand the consequences and trade responsibly.
