Google's cryptocurrency advertising ban affects investor returns? Has been sued in Russia

Google has been sued in Russia following the company’s announcement of restrictions on cryptocurrency advertising. Entrepreneur Vladimir Orehov is demanding 2 billion rubles in damages from Google Russia. He claims that the ban deprived him of the opportunity to invest in cryptocurrency projects and find investors to finance his business plan.

Expected return claims

Google's decision to impose restrictions on advertising of cryptocurrencies and related content has sparked a legal battle in the Russian Federation. A local businessman has reportedly sued Google's Russian-registered entity. Vladimir Orehov claims that he lost business opportunities and could lose money. He insists on compensation for his expected earnings of up to 2 billion rubles (nearly $35 million).

The entrepreneur said that the ban will deprive him of the opportunity to invest in cryptocurrency projects and hinder him from finding other investors willing to support his business plan. He hopes to be compensated for the "moral damage" caused by the ban and insist on his claim for damages. The lawsuit was filed in the district court and confirmed that it had been accepted on March 15.

Earlier this week, Google announced plans to restrict ads for cryptocurrencies and content related to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency investment advice. The new rules will reportedly take effect in June 2018. The policy change comes just weeks after Facebook announced its own ban on cryptocurrency ads.

Vladimir Orehov said that he is investing in cryptocurrency projects and has his own ideas, but needs financial support. The Russian has been developing a crypto network, including decentralized exchanges, mobile wallets and cryptocurrency payment systems. In fact, he plans to conduct a pre-sale in June and hopes to absorb a total of $2 million through the initial coin offering.

He complained that he had lost potential investors "overnight" due to the impending ban. Restrictions on cryptocurrency advertising deprived him of useful information about other companies conducting token sales. This would lead to missed opportunities for "promising investments" and would affect his future income. He also believed that the ban was illegal and violated his right to information.

Russian Duma deputy opposes Google ad ban

The Moscow Google lawsuit comes after the State Duma called for opposition to restrictions on cryptocurrency advertising. Mikhail Emelyanov, first deputy chairman of the parliamentary legislative committee, believes that banning cryptocurrency ads is not worth it, despite his own skepticism about cryptocurrencies. But the lawmaker believes that people should have the right to make their choice.

That’s why I’m not rushing to stand up to Google and make the decision I’m making now.

Many people will be deceived, but this does not mean that cryptocurrency ads should be banned completely, Mikhail Emelyanov was quoted as saying by Innov. “We should not ban everything all the time, people have the right to their own ideas and choices.”

Nevertheless, Russia’s vice president warned cryptocurrency investors that they need to understand the consequences and should not line up in front of government agencies to protest if their investments go bad.