After recently announcing that OnlyFans will be banning all sexually explicit content starting this October, founder Tim Stokely officially addressed the reason why they will stop sharing the content in the Fall.
In a recent interview with Financial Times, Stokely said that he would welcome the aforementioned content back on the platform if the environment changes. He later went on to explain the reason OnlyFans is pulling sexually explicit content, stating, “the short answer is banks.” He adds that the banks have continued to throw obstacles at the company, going as far as refusing their business and citing reputational risk.
Stokely clarified, “We pay over 1 million creators over $300M every month, and making sure that these funds get to creators involves using the banking sector.” He claims that the Bank of New York Mellon was one that has “flagged and rejected” all the wires connected to the company. He continued to add that JP Morgan Chase is “particularly active in closing sex worker accounts” and that Metro Bank from the UK closed its OnlyFans corporate account back in 2019. Stokely shares, “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.”
In other tech news, SpaceX has shipped 100,000 Starlink terminals to customers.
