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OnlyFans has abandoned the sex workers that made it huge, largely thanks to pressure from banks and payment providers. That's a terrifying precedent, says our columnist.

Yesterday, OnlyFans, an online subscription platform primarily used by performers selling adult sexual content, announced it won’t be doing that anymore. Starting on Oct. 1, OnlyFans will prohibit any graphic pornographic material, though it will continue to allow nudity.

The decision seems insane on the face of it: OnlyFans is unilaterally turning its back on a business that has helped it grow immensely and rapidly. The company’s financials are apparently bananas, with a company pitch deck from March projecting $1.2 billion in net revenue for 2021.

David Z. Morris is CoinDesk's Chief Insight Columnist. This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here.
That could have made tiny OnlyFans more profitable than Tesla, but those numbers are out the window now. Though nominally the platform is “pivoting” towards non-sex content like cooking lessons, yesterday’s announcement almost certainly amounts to simply abandoning a giant, cash-spewing firehose.

They’re also screwing (pun intended) a lot of sex workers: In a statement, the Adult Performance Artists Guild said that “most content creators on Onlyfans are … adult performers who make their entire living off of the platform.” The Guild predicted the change would cause a “crisis” of “financial despair and destruction.”

The explanation for this bizarre behavior turns out to be both fairly simple and deeply disturbing. As OnlyFans spelled out in a statement to the media, “These changes are to comply with the requests of our banking partners and payout providers.”

One of these, according to the Daily Beast, is Mastercard, which announced in April that it would impose and police content moderation policies for any adult businesses it serviced – with an implied threat to cut off those that didn’t or couldn’t comply. Banks and processors see risk because “the pornography industry is high risk for money laundering, human exploitation and illicit activities,” as one Suspicious Activity Report unearthed by Forensic News put it.

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