Key Takeaways
- Netflix will likely join the list of crypto-banning companies very soon.
- Netflix is pulling the plug on cryptocurrency ads.
A September 5 story from the Sydney Morning Herald has claimed through local media reports that Netflix is pulling the plug on cryptocurrency ads. In light of recent discussions that Netflix had with regional Australian advertising, there are claims that the reputable streaming juggernaut will outlaw a variety of advertisements, including those for cryptocurrencies.
The article also revealed that Netflix would also ban child-centered, betting, and diplomatic advertisements. Other ads that could also be prone to this prohibition are the ones for prescription drugs.
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Netflix Will Likely Ban Crypto Advertisements: Report
As of now, it's not set in stone yet whether or not the ban on cryptocurrency advertisements will solely pertain to Australia or to all countries that subscribe to the ad-backed service, including the United States, the United Kingdom, Canada, France, and Germany. Australia devised arrangements to supervise cryptocurrency assets and associated advertising in August so that consumers are sufficiently made aware and safeguarded. Netflix might not want to break local laws, although such regulations do not openly forbid bitcoin advertising.
Nevertheless, nothing in the news today suggests or points that Australia will only be the subject of this crypto regulation. Netflix expresses that its advertising practices are still up in the air. A corporate representative stated that the company hasn't made any conclusions yet and is still in the initial phase of figuring out its advertising plan.
In spite of all these, most sources believe that Netflix will begin offering the service as soon as November. Some predict this development as a hint that a release will quickly come, despite Netflix's official denials.
Netflix won't be the only one in this crusade if it proceeds with the ban. The company will be a part of several other big tech reputable companies that are against crypto marketing. In June and December of 2021, respectively, both Google and Facebook, now known as Meta, lessened their regulations on crypto marketing. This wasn't the case though in 2018 as then, they still forbade cryptocurrency marketing.
Twitter, on the other hand, has been unflinching since 2018 on the ban of cryptocurrency advertisements. The platform forbids any form of crypto advertising except centralized exchange advertisements.
What do you think Netflix stands to achieve if they go through with this prohibition? Please share your thoughts with us in the comment section.
