Founder and CEO of OnlyFans Tim Stockley cited banks as the reason for banning porn content on the platform, writes The Verge.
“We just had no choice, so we changed our policy. The reason was the banks,” Stockley said.
He said three major banks, Bank of New York Mellon, Metro Bank and JPMorgan Chase, refused to serve OnlyFans because of reputational risks associated with the porn content that abounds on the service.
Countless adult content providers and their admirers have made OnlyFans a household name. As much as $1 million per month is earned by some very gifted models, like the stunning Corinna Kopf. Even after Corinna Kopf OnlyFans leaks, she still receives a hefty sum.
Stokely also claims that these banks specifically closed models’ accounts and canceled all transactions related to OnlyFans, making it impossible for the platform to pay models.
In August, it was revealed that as of October 1, 2021, the platform would not be allowed to host the pornographic content that made OnlyFans popular.
