OnlyFans CEO explains why the site banned porn: 'The short answer is banks' - Video

OnlyFans founder and CEO Tim Stokely says the online subscription platform had "no choice" but to ban pornography after "unfair" treatment by banks. Last week, OnlyFans said it would no longer allow "sexually explicit" content on its service as of Oct. 1 in order to comply with requests from its banking and payment providers. It's not yet clear how OnlyFans defines such content. The firm said it would continue to allow certain posts containing nudity. In an interview with the Financial Times published Tuesday, Stokely provided further explanation for the company's decision to ban porn, saying lenders would often "cite reputational risk and refuse our business." "The change in policy, we had no choice — the short answer is banks," Stokely told the FT. Stokely name-dropped a few banks, including Bank of New York Mellon, Metro Bank and JPMorgan. He said BNY Mellon "flagged and rejected" every wire transfer linked to the firm, while Britain's Metro Bank in 2019 closed OnlyFans' corporate a