Tim Stokely, the founder and CEO of OnlyFans has explained how banks had forced it to driblet adult content from the subscription-based content platform.

OnlyFans is a popular platform connecting online sexual activity workers to subscribers, merely the firm recently changed its policy to prohibit "sexually explicit conduct," starting October. one — which has caused backlash from both creators and content connoisseurs alike.

Speaking about the change of policy with the Financial Times on Aug. 24, Stokely noted that "nosotros had no pick — the brusk answer is banks," every bit he listed three banking giants who refused to provide services to OnlyFans: Bank of New York Mellon, Metro Bank and JPMorgan Chase.

Stokely asserts that the banks pulled services from OnlyFans over the "reputational hazard" of being associated with a platform that hosts sexually explicit content. The founder cited JPMorgan in item, stating that it is "ambitious in closing accounts of sex workers" or any business concern that "supports sex workers."

Stokely claims that they "flagged and rejected" every wire transfer connected with the house, which was "making it hard" to pay creators on the platform.

"Nosotros pay over one million creators over $300 million every month, and making sure that these funds go to creators involves using the banking sector," he said.

Pornhub has run into similar issues in the past, with Paypal pulling dorsum from the platform in late 2022. In December of the following year, Visa and Mastercard also halted services to Pornhub, over issues regarding videos that allegedly depicted illicit material.

Related: JPMorgan Chase reportedly shuts downwards bank accounts of Bitcoin mining firm

Pornhub moved toward cryptocurrencies for payments including utilizing Verge (XVG), which it had partnered with back in 2022.

Stokely didn't reveal if OnlyFans would prefer crypto similar Pornhub, but did annotation that he would "admittedly" permit pornographic content on the platform if banks changed their heed.

In that location are too blockchain-based alternatives to OnlyFans, via platforms such as Nafty.boob tube which is built on Binance Smart Chain and utilizes its native NAFTY token for payments, along with credit and debit cards.