Cop out, or valid reason?
The founder of OnlyFans, Tim Stokely, has hit out at banks, accusing them of being the reason OnlyFans are having to ban explicit content.
OnlyFans, and by extension Stokely, was accused last week of abandoning the sex workers who had earned him his fortune. However, the company founder has now said that banks are to blame.
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"The change in policy, we had no choice — the short answer is banks,' he told the
Financial Times.
“We pay over one million creators over $300m every month, and making sure that these funds get to creators involves using the banking sector,” he said,
Stokely then singled out the Bank of New York Mellon as having “flagged and rejected” every wire connected to the company, “making it difficult to pay our creators”.
He also said UK-based Metro Bank had closed OnlyFans’ corporate account in 2019. In this case, banking institutions act as a bridge between OnlyFans and the accounts of creators.
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“JPMorgan Chase is particularly aggressive in closing accounts of sex workers or . . . any business that supports sex workers,” he said.
Mastercard, have introduced rules for “speciality merchants” due to take effect on October 1, the same date OnlyFans' policy change begins.
“We’re already fully compliant with the new Mastercard rules, so that had no bearing on the decision,” he said, though some are speculating that it cannot be mere coincidence.
“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.
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