Days after the announcement that the OnlyFans platform will ban explicit sexual content, the platform’s CEO and founder, Tim Stokely, explained a little better why the company took such a radical decision.
In an interview with the Financial Times newspaper, Stokely confirmed that the pressure was particularly financial. However, now he named exactly which institutions complained the most about the content: banks. In addition, the executive explained what institutions were doing to avoid any relationship with the brand.
During the first debates about changing the platform’s policies, speculation already revolved around economic issues. However, the hypothesis was that credit card brands were behind the pressure — similar to what happened with Visa and Mastercard in 2020, when companies started to reject payments on an erotic video site.
According to the executive, banks such as Bank of New York Mellon, Metro Bank and JPMorgan Chase even refused partnerships and transactions because of “reputation risk” — that is, to maintain some type of relationship in transactions involving payment for content adults.
Bank of New York Mellon even rejected payments from OnlyFans, while the other two banks even closed accounts of creators of explicit sexual content.
New partners in the sector were established, but the names were not disclosed. OnlyFans’ strictest policies are effective from October 1st of this year.