“The change in policy, we had no choice - the short answer is banks."
OnlyFans CEO Tim Stokely has said that the website would "absolutely" welcome back sexual activity if banks allow it to.
Stokely said that the change came due to increased levels of obstacles from banks who have cited "reputational risk" and "refuse" their business.
“The change in policy, we had no choice - the short answer is banks,” Stokely told the Financial Times on Tuesday.
“We pay over one million creators over $300m every month, and making sure that these funds get to creators involves using the banking sector,” he added.
“This decision was made to safeguard their funds and subscriptions from increasingly unfair actions by banks and media companies - we obviously do not want to lose our most loyal creators.
“We’re already fully compliant with the new Mastercard rules, so that had no bearing on the decision.
“We didn’t make this policy change to make it easier to find investors."
The CEO added that the company would "absolutely" welcome back sexual activity on the website if banks were to change their policies.
OnlyFans will prohibit users from posting sexually explicit conduct from 1 October, the company confirmed on Thursday.
Creators on the platform will still be permitted to post nude photographs and videos, however, they must be in line with OnlyFans' new policy, the company said in a statement on Thursday.
The company said that the changes were made to "ensure the long-term sustainability" of the platform.
“In order to ensure the long-term sustainability of our platform, and continue to host an inclusive community of creators and fans, we must evolve our content guidelines,” OnlyFans said in a statement to JOE on Thursday.
"Effective 1 October, 2021, OnlyFans will prohibit the posting of any content containing sexually-explicit conduct," they added.
"Creators will continue to be allowed to post content containing nudity as long as it is consistent with our Acceptable Use Policy.
"These changes are to comply with the requests of our banking partners and payout providers."
