'The short answer is banks,’ OnlyFans founder responds to backlash

After receiving a fury of backlash for prohibiting sexual content on OnlyFans starting October, founder and CEO Tim Stokely shifted the blame from being subjected on the platform onto the policies of the banks that finance it.

“The change in policy, we had no choice, the short answer is banks,” Stokely told the Financial Times in an interview revolving around the major decision that casted doubt over OnlyFans’ future.

The ban is controversial due to the site being known as a safe haven for sex workers to earn their monthly paycheck, through creating sexual content on the subscription-based platform.

Now, the new changes will only allow nudity, as long as creators abide by the site’s acceptable use of policy.

Stokely added during the interview that he would “absolutely welcome porn back was the banking environment to change.”

Stokely accused three prominent banks that refused to cooperate with OnlyFans due to a “reputational risk” associated with the platform’s sexual material: Bank of New York Mellon, Metro Bank, and JPMorgan Chase.

The CEO shared with reporters that Bank of New York Mellon specifically “flagged and rejected” each and every wire transaction involved with OnlyFans, which halted the site’s ability to pay its live streamers and creators.

Founded in 2016, the site hosts more than 130 million users worldwide, as well as about 2 million creators. Yet, the platform’s use of adult content has made its progress increasingly slower, as investors have cited concerns over the reputational risk factors.

OnlyFans isn’t shutting down, but it’s heavily pushing to advertise itself as a popular destination for a nude-less streaming service.

The site is currently gearing up to attract a different kind of audience, to ensure the platform will continue as an online gig-site with high success rates.