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OnlyFans has dropped its massively unpopular ban on adult content in a major U-turn just a day after its founder blamed the banks for the ‘porn ban' (Image: NurPhoto via Getty Images)OnlyFans has reversed its decision to ban sexually-explicit conduct after widespread backlash from users and creators. In a statement posted to Twitter, the content platform said: “Thank you to everyone for making your voices heard. We have secured assurances necessary to support our diverse creator community and have suspended the planned October 1 policy change. OnlyFans stands for inclusion and we will continue to provide a home for all creators.” The platform, which is popular among sex workers, recently announced new rules coming into effect in October that prohibit “any content containing sexually explicit conduct”, though non-sexual nudity will still be permitted.
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The subscription-only site is famous for its raunchy adult content and has been cited in a catalog of ‘rags to riches' stories by its creators who charge subscribers. But last week the London-based company said the move was being introduced due to pressure from financial partners, leading some to assume payment processors Mastercard and Visa were behind it. However, chief executive Tim Stokely has revealed it was “unfair” banks who prompted the change over concerns about “reputational risk”. He named three banks – the UK’s Metro Bank, JPMorgan Chase, and Bank of New York Mellon. “The change in policy, we had no choice — the short answer is banks,” he told the Financial Times.
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“We pay over one million creators over 300 million dollars every month, and making sure that these funds get to creators involves using the banking sector.” Mr Stokely claimed Metro Bank closed OnlyFans’ corporate account on short notice in 2019, and accused Bank of New York Mellon of “making it difficult to pay our creators”, having “flagged and rejected” every wire associated with the firm. “JPMorgan Chase is particularly aggressive in closing accounts of sex workers or… any business that supports sex workers,” he continued. OnlyFans takes a 20% cut of all payments. The site was founded in 2016 by Essex businessman Tim Stokely. OnlyFans claims their membership surged to 130 million users across the globe during the coronavirus pandemic. Many creators post nude videos and photos that subscribers can only view by paying a tip or a monthly fee.