According to reports, OnlyFans founder Tim Stokely is pointing the finger at banks as the reason behind the ban of sexually explicit content on the subscription platform.
During a recent interview with the Financial Times, Stokely noted that the banks cited reputational risks as the reason to refuse OnlyFans business. “We pay over 1 million creators over $300M every month, and making sure that these funds get to creators involves using the banking sector,” said Stokely. He named the Bank of New York Mellon as one of the financial institutions to reject their business, adding that JP Morgan and another UK-based bank closed their accounts in 2019.
“This decision was made to safeguard their funds and subscriptions from increasingly unfair actions by banks and media companies—we obviously do not want to lose our most loyal creators,” Stokely said.
According to a previous statement from the company, the ban is set to go into effect on October 1 and will "ensure the long-term sustainability" of the platform. It's important to note; nudity is still allowed if the content did not violate its Acceptable Use Policy.
Source: yahoo.com
