Netflix Bans Crypto-Related Ads for its New Sub Package

Video streaming and production company Netflix Inc. has reportedly banned all forms of crypto-related ads for its upcoming ad-based subscription plan.

According to reports from The Sydney Monday Herald citing anonymous sources, the plan is scheduled to be launched on November 1. This is coming earlier than it had initially scheduled.

Aside from crypto ads, Netflix will also not allow commercials based on gambling and politics on its new package. The platform will also not support commercial campaigns aimed at selling products to children. It is also undecided on whether or not to support pharmaceutical-related ads.

As per the reports, Netflix rescheduled its launch date to allow it to compete with rival platform Disney+ which is set to launch its ad-based package on December 8. The ad-based plan will launch in Canada, France, Germany, the U.S, and the U.K

Meanwhile, the video streaming platform debuted on the Decentraland metaverse with a deal to promote an American action movie, “The Gray Man”.

Earlier in the year, Netflix released a docu-series that focused on the infamous Bitfinex attack of 2016. The series, directed by Chris Smith, detailed the involvement of a New York-based couple in the laundering of nearly $75 million worth of Bitcoin at the time.

Netflix Pull-Out Shows Uncertainties Around Crypto Ads

With the crash of the Terra-Luna ecosystem that resulted in the loss of investors’ funds, regulators around the world began to bring clearer and stricter regulations for advertisement in the space.

Just recently, the Securities and Exchange Commission of Thailand mandated that while advertising their products and offerings, crypto firms operating in Thailand must spell out the risk of investing in digital assets.

The Thailand regulator warned against using inaccurate, misleading, or inflated claims in advertising.

Likewise, Hong Kong’s regulators have introduced a fine of $50,000 or imprisonment for up to six months for the advertisement of unlicensed crypto businesses.

Also, uncertainty regarding crypto ads in France cost many firms their branding rights with their partners during a recent GrandPrix event.

Many Formula1 teams were forced to either remove or cover the logos of their crypto partners during the race for fear of sanctions from the regulator.