An OnlyFans government has frozen the checking account over the platform’s hyperlinks to grownup content material
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A senior OnlyFans government has admitted his checking account has been suspended, on account of a rising drawback confronted by these related to the social media platform utilized by intercourse staff.
“My financial institution, the place I’ve a mortgage on my home — the place my household and my two youngsters stay — froze my account for a month whereas they have been gone,” CFO Lee Taylor informed the Monetary Occasions’ TNW expertise convention in Amsterdam this week. By way of compliance procedures.”
He added: “They weren’t very clear with me, however I came upon later. . . That it was the title of the corporate that was paying my wage that triggered the compliance audit.
His admission comes months after OnlyFans CEO Kelly Blair informed the Monetary Occasions that her software for a private checking account had been rejected as a result of she labored for OnlyFans.
OnlyFans, which rejects the concept it’s a porn website, has struggled to beat unfavourable perceptions of the grownup content material that dominates the platform. Banks and cost suppliers have lengthy seen providers associated to intercourse work as excessive threat, although such content material is authorized.
“Repute threat is an umbrella time period they use,” Taylor mentioned, referring to monetary establishments.
The OnlyFans executives declined to call the banks concerned of their case, with Taylor including: “I do not wish to lose my mortgage.”
The London-based website has campaigned for higher remedy from monetary establishments for influencers on its platform who wrestle to get mortgages or financial institution accounts, referred to as “debanking”. Greater than 80 p.c of intercourse staff union members say they’ve skilled some type of monetary discrimination.
Intercourse staff say this observe makes them extra susceptible to monetary exploitation.
In an interview with the Monetary Occasions final February, she mentioned that the monetary providers group that rejected Blair’s request “had beforehand been extremely eager to accumulate my firm.” “Nothing has modified about me, nothing has modified about my threat profile, however it was very fascinating to see that bias emerge.”
Blair known as it a “actually good lesson” in among the points OnlyFans creators face.
The platform permits content material creators, together with grownup content material stars, musicians and artists, to promote movies, pictures and messages on to subscribers who pay a month-to-month charge of between $5 and $50.
OnlyFans takes a 20 p.c fee from that. Its revenues grew greater than 17 p.c within the yr ending November 2022 to greater than $1 billion.
