OnlyFans CEO on why it banned adult content: ‘the short answer is banks’
OnlyFans founder and CEO Tim Stokely says banks were behind the online fundraising platform’s recent ban on sexually explicit content. “The change in policy, we had no choice — the short answer is banks,” Stokely told the Financial Times in an interview published today.
Stokely named three major banks that refused service because of “reputational risk” associated with the UK-based OnlyFans’ sexual material: Bank of New York Mellon, Metro Bank, an JPMorgan Chase. He said BNY Mellon specifically had “flagged and rejected” every wire transaction involving OnlyFans, threatening its ability to pay creators.
Last week, Bloomberg reported more generally that “banking partners and payment providers” had pressured OnlyFans — a platform previously…