Netflix Might Possibly Ban Advertisements Related To Crypto: Report

Subscription streaming service and production company Netflix is aiming to put an end to crypto advertisements as it gears up to debut its ad-supported service later this year, according to a report.

It is not known if the streaming giant aims to impose the ban only in Australia or on a global scale, The Sydney Morning Herald reported Monday, citing local media sources.

However, the outlet confirmed that Netflix has begun discussing the matter with local advertisers in Australia, adding that there are plans to implement a blanket ban on several types of advertisements, including those related to crypto and other digital assets.

Other ads promoting gambling, as well as political ads and ads targeted to children might reportedly be banned altogether. Pharmaceutical ads might also be prohibited.

The ad-supported service will be first launched in the U.S., the U.K., Canada, France and Germany. It remains unclear if Netflix plans to restrict the aforementioned types of ads in these countries as well.

The Australian government issued a statement in August announcing its plans to regulate crypto assets and related ads in a manner that will keep the citizens "adequately informed and protected." These rules do not disallow crypto ads completely, but according to the report, it is likely that the company will ban the ads to prevent conflict with the government.

A spokesperson from Netflix told The Sydney Morning Herald that the company's ad policies are still being worked upon and it is "still in the early days" of finalizing its advertisement structure.

"No decisions have been made," the spokesperson confirmed.

In light of similar events, the Thai Securities and Exchange Commission has become increasingly strict on crypto promotions, as per previous reports. The regulatory authority asked crypto firms to issue clear and obvious warnings regarding the risks and volatility tied to the crypto market in their advertisements.