OnlyFans founder, Tim Stokely says that the banks were the ones that forced the company to remove sexually explicit content, despite the service being known for its sexual content.
In an interview with the Financial Times, Time Stokely says that the banks refused to work with OnlyFans if they didn’t remove the sexually explicit content due to what the banks called, “reputational risk.”
Stokely said, “The change in policy, we had no choice — the short answer is banks.”
Stokely explained that OnlyFans constantly ran into issues with banks that regularly were “flagging and rejecting” transactions. This is the reason that Stokely finally decided to ban sexual content.
“This decision was made to safeguard [our users’] funds and subscriptions from increasingly unfair actions by banks and media companies — we obviously do not want to lose our most loyal creators.”
Their policy will change on October 1st and promises this will help the company’s long-term sustainability. This may prove problematic as what will replace the sexually explicit content that generated most of their revenue. They did however say that nudity will still be okay as long as it doesn’t violate the Acceptable Use Policy. What that policy will allow is anyone’s guess right now.
Stokely did say that OnlyFans will welcome back explicit content if the banks change their attitude to sex work. Banks changing their minds seems unlikely.
If this is the case, it seems Tyga will struggle with many of the same problems with his replacement service, “Myystar.” Only time will tell.