Netflix to Ban Crypto-Related Commercials on Ad-Supported Subscription: Report

Regulatory uncertainty that has been shadowing the crypto sector is among the main reason why Netflix does not wish to show related ads.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 6 September 2022 16:15 IST

Netflix to Ban Crypto-Related Commercials on Ad-Supported Subscription: Report

Photo Credit: Unsplash/ @freestocks

Netflix’s revamped subscription plans will roll out around November

Highlights

Netflix does not want to show risky ads to global viewers
Netflix may restrict ads marketing products to children
Netflix may also pull away pharmaceuticals ads

Netflix, which is all set to revamp its subscription plans this November, is hesitant towards allowing crypto-related advertisements to be telecasted on its platform. While the streaming giant is yet to reveal official details about its decision, sources familiar with the matter have shared the information with the media. The main reason why Netflix does not wish to expose its over 200 million global users is the regulatory uncertainty that has been shadowing the-fintech industry around the world.

The advertisements that will be shown on Netflix are being planned to be un-skippable. Hence, viewers will find themselves exposed to the crypto sector, as well as the financial risks associated to it, The Sydney Morning Herald said in its report.

Along with the crypto sector, Netflix may also deny to allow ads related to politics and gambling apps to feature on the platform.

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The company is also mulling if it should restrict ads related to pharmaceuticals.

In recent times, several people have also complained about having crypto ads take-over the commercial time amid famous sports shows, including the Super Bowl.

This Coinbase ad is particularly dangerous, because we *know* that people repost Superbowl ads after the fact. Lots of clips of ads show up on Twitter. Attackers can easily put up their own clip with their own QR code replacing the Coinbase one. It's almost a metaphor for crypto.
— wells (oakland enby in a new place) (@WellsLucasSanto) February 14, 2022

Remove stocks and Robinhood...insert crypto. All I was attempting to point out to them is you can have an opinion differing from mine, but these ads sound like endorsements, and they are very dangerous. There are people in crypto who have lost everything. pic.twitter.com/zasyJoh86W
— Alan Graham (@agraham999) May 23, 2022

There are hundreds of ads and commercials that we have all seen talking about crypto

Always mentioning how much more money you can make

But NEVER ONCE mention how much more risky and dangerous it is compared to conventional stock investing https://t.co/q7QvHzn2k7
— ヒカリちゃん STAN ACCOUNT (@TheresAlfonso25) February 16, 2022

While Netflix is yet to officially address its stance on crypto ads, these promotional materials have also faced reluctance in other spheres.

Back in March, UKs advertising watchdog sent red alerts to over 50 companies for drawing common people's attention to crypto assets and exposing them to financial risks.

Meanwhile, earlier this year, the Advertising Standards Council of India (ASCI) issued a set of guidelines for virtual digital asset (VDA) adverts like crypto and non-fungible tokens (NFTs).

Guidelines out now! After extensive discussions with various stakeholders. ASCI has released Guidelines for advertising of Virtual Digital Assets and linked services.

Link to Virtual Digital Assets Guidelines https://t.co/hLUduXR518 #Guidelines #Ad #VDA #Crypto pic.twitter.com/lHS3BmQaqr
— ASCI (@ascionline) February 23, 2022

As per the guidelines, all virtual digital asset-related ads released on or after April 1 must carry the disclaimer which reads, “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions."

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With the next Apple event due very soon, we dive into all the leaks and rumours surrounding iPhone 14 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, Netflix, Crypto Ads

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More