Only Fans founder and CEO Tim Stokley says banks were behind the recent ban on online fundraising platforms for sexually explicit content. “We had no choice but to change the policy – the short answer is the banks,” Stockley said. Financial Times. In an interview published today
Stokley named three major banks that refused services because of a “known risk” related to the sexual content of only UK-based fans: Bank of New York Mellon, Metro Bank, a JPMorgan chase. He said BNYMilan had specifically “flagged and rejected” wire-only transactions, threatening the creators’ ability to pay.
Previous Week, Bloomberg It was commonly reported that “banking partners and payment providers” only put pressure on fans – a platform formerly known as a sex workers’ shelter – to post sexually explicit material from October 1. Ban on advertising. The ban will affect anything that displays, promotes, advertises, or cites physical fluids related to real or fake sex, masturbation, and sex. It would still allow nudity, but only an email to fan creators advised that things like zooming too close to body parts could break the rules.
Payment processors such as MasterCard and Visa are well-known barriers to the digital economy. They have recently pushed for the use of their cards to pay for sexually explicit material, obviously cutting off platforms that allow child sexual abuse content and unsolicited pornography – although it Crackdown comes under pressure from organizations that oppose sex work and pornography on a large scale.
Stokley’s comments, however, separate banks as the main driver behind the ban. He claims that JPMorgan Chase, for example, is “particularly aggressive in closing down sex workers’ accounts” or any business that helps them. Similarly, he said that Metro Bank had closed only the fan account in 2019 on short notice. Financial Times. That he was not disclosing the company’s current banking partners.
Following platforms such as Tumblr, Patreon, and eBay, OnlyFans is the latest of many web companies to clean or restrict sexual content in recent years. In addition to payment pressures, companies serving sex workers face legal risks after Fosta-Sesta passes 2018, and Apple and Google’s App Stores restrict sexually explicit content. Just a day of fan sex crackdown, Axios He also said that only fans have struggled to raise money from investors, citing his “obscene issue” as a major reason. But sex workers were instrumental in developing the service – and despite the use of some film and music celebrities, their future is uncertain without them.