OnlyFans CEO on why site is banning porn: 'The short answer is banks'
In an interview with the Financial Times, OnlyFans CEO Tim Stokely says the site had no choice.
After facing criticism over the app's recent decision to prohibit sexually explicit content starting in October, OnlyFans CEO Tim Stokely pointed the finger at banks for the policy change.
In an interview with the Financial Times published Tuesday, Stokely singled out a handful of banks for "unfair" treatment, saying they made it "difficult to pay our creators."
"The change in policy, we had no choice -- the short answer is banks," Stokely told the outlet about the move to ban pornography from OnlyFans. Stokely added that "he would 'absolutely' welcome porn back were the banking environment to change," according to the Financial Times.
Last week, the London-based livestreaming site said it would begin prohibiting sexually explicit content starting Oct. 1. The new standards will still permit nudity, provided creators post in accordance with the site's acceptable use policy.
"In order to ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines," an OnlyFans spokesperson told CNET on Thursday.
Founded in 2016, OnlyFans says it has more than 130 million users and 2 million creators worldwide. However, recent reports suggest the site's status as a popular destination for amateur adult content has made it difficult to attract investors.
The ban came just days after OnlyFans kicked off a promotional push for the nude-less version of its app. The site has been gearing up to capture a market beyond its established base of pornography seekers, and to position itself as another online gig-economy platform for content creators, akin to Patreon.