Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Speaking on OnlyFansâ ban on adult content, founder and CEO Tim Stokely explained the banks were the only reason behind the policy change.
Tim Stokely, the founder and CEO of OnlyFans has explained how banks had forced it to drop adult content from the subscription-based content platform.
OnlyFans is a popular platform connecting online sex workers to subscribers, but the firm recently changed its policy to prohibit âsexually explicit conduct,â starting Oct. 1 â which has caused backlash from both creators and content connoisseurs alike.
Speaking about the change of policy with the Financial Times on Aug. 24, Stokely noted that âwe had no choice â the short answer is banks,â as he listed three banking giants who refused to provide services to OnlyFans: Bank of New York Mellon, Metro Bank and JPMorgan Chase.
Stokely asserts that the banks pulled services from OnlyFans over the âreputational riskâ of being associated with a platform that hosts sexually explicit content. The founder cited JPMorgan in particular, stating that it is âaggressive in closing accounts of sex workersâ or any business that âsupports sex workers.â
Stokely claims that they âflagged and rejectedâ every wire transfer connected with the firm, which was âmaking it difficultâ to pay creators on the platform.
âWe pay over one million creators over $300 million every month, and making sure that these funds get to creators involves using the banking sector,â he said.
Pornhub has run into similar issues in the past, with Paypal pulling back from the platform in late 2019. In December of the following year, Visa and Mastercard also halted services to Pornhub, over issues regarding videos that allegedly depicted illicit material.
Related: JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm
Pornhub moved toward cryptocurrencies for payments including utilizing Verge (XVG), which it had partnered with back in 2018.
Stokely didnât reveal if OnlyFans would adopt crypto like Pornhub, but did note that he would âabsolutelyâ allow pornographic content on the platform if banks changed their mind.Â
There are also blockchain-based alternatives to OnlyFans, via platforms such as Nafty.tv which is built on Binance Smart Chain and utilizes its native NAFTY token for payments, along with credit and debit cards.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.