Netflix likely to ban crypto ads: Report
Important takeaways
- Reports from the Sydney Morning Herald suggest that Netflix will ban crypto advertising.
- The streaming giant is expected to launch its ad-supported service later this year, possibly by November.
- Netflix, meanwhile, says the details of the ad-supported service have not been finalized.
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Netflix is likely planning to ban cryptocurrency-related ads when it introduces its ad-supported service later this year.
Netflix may ban ads
Netflix is reportedly weighing a ban on crypto advertising.
According to a September 5 report from Sydney Morning Herald citing local media sources, Netflix has begun discussions with local advertisers in Australia. According to these sources, the streaming giant will ban several types of advertising including cryptocurrency ads.
The report says Netflix will also ban political ads, gambling ads and ads aimed at children. It may also place restrictions on pharmaceutical advertisements.
It is unclear whether the ban on crypto ads will apply only to Australia or all countries that receive the ad-supported service, such as the US, UK, Canada, France and Germany.
In August, Australia announced plans to regulate crypto assets and related advertisements in such a way that customers are “adequately informed and protected.” While these rules don’t prohibit cryptocurrency advertising, it’s possible that Netflix doesn’t want to run afoul of local rules.
At the same time, today’s report does not state or suggest that the ban on crypto will be limited to Australia.
Netflix told Sydney Morning Herald that the advertising guidelines are currently undecided. A spokesperson said the company is “still in the early days” of determining its advertising model and that “no decisions have been made.”
However, most sources report that Netflix plans to launch the service as early as November. Contrary to Netflix’s own claims, this suggests that a launch is imminent.
If Netflix goes ahead with the ban, it will join a list of other Big Tech giants to take a stand against crypto marketing. Google and Facebook (now Meta) banned crypto advertising in 2018, although the two companies relaxed their guidelines in June and December 2021, respectively.
Twitter, meanwhile, has banned crypto ads since 2018. It bans ads for most crypto services except for centralized exchanges.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH and other cryptocurrencies.
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