As a result of the backlash from creators and new assurances from at least one bank that had suffered a bad reputation, OnlyFans has reversed course on its decision to ban sexually explicit content.
This has not gone down well with a number of major banks, who are concerned about the platform’s ability to connect online sex workers with subscribers.
It was forced to change its policy on August 19 to prohibit “sexually explicit conduct” after being pressured by the Bank of New York Mellon, Metro Bank, and JPMorgan Chase, which refused to provide services to users of the platform. The pressure came from the banks, which refused to provide services to users who engaged in sexually explicit behavior.
The company stated in a tweet on August 25 that it has now changed its mind and that it “will continue to provide a home for all creators.”
Thank you to everyone for making your voices heard.
We have secured assurances necessary to support our diverse creator community and have suspended the planned October 1 policy change. OnlyFans stands for inclusion and we will continue to provide a home for all creators.
— OnlyFans (@OnlyFans) August 25, 2021An OnlyFans spokesperson told TechCrunch:
“The proposed October 1, 2021 changes are no longer required due to banking partners’ assurances that OnlyFans can support all genres of creators.”
While the official statement simply states that the policy has been “suspended,” it implies that the policy may be reinstated at a later date if the assurances provided do not prove to be true..
Many sex workers, who rely on the platform to support their livelihoods, were dissatisfied by the decision to prohibit sexually explicit content, particularly during pandemic-induced lockdowns. In response to the decision, some creators had already deleted their OnlyFans accounts and transferred their content to other platforms.
Tim Stokely, the founder and CEO of OnlyFans, stated at the time of the initial announcement that the company pays over one million creators more than $300 million every month, and that “ensuring that these funds get to creators involves utilizing the banking sector.”
According to Stokely, who spoke to the Financial Times this week, JPMorgan in particular has been “aggressive in closing accounts of sex workers” or any business that supports such individuals. OnlyFans appears to have been able to reach an agreement with at least one bank as a result of the extensive media coverage of the situation in question.
Based in New York City, OnlyFans was founded in 2016 and claims more than 130 million registered users and 2 million creators.
Earlier this year, Pornhub experienced similar difficulties when PayPal withdrew its services from the platform, making it impossible for it to pay model fees.
A privacy-focused cryptocurrency, Verge, was chosen by Pornhub at the time (XVG). Several major credit card companies, including Visa and MasterCard, followed suit in 2020, further increasing reliance on cryptocurrency.
