🎲 It's been a while since we talked about the adult sector❗️

🎲 It's been a while since we talked about the adult sector❗️
Life in this high-risk segment remains turbulent: payment systems are at the center of a scandal involving payment processing on OnlyFans, due to alleged child abuse during live streams.

🔎 Background

➡️ Initial complaints: The first complaints were submitted to the “Office for the Fight Against Financial Crimes of the U.S. Treasury Department” (FinCEN) and other relevant U.S. agencies in 2023. The allegations suggest that payment companies, mainly Visa and Mastercard, may have been violating banking secrecy laws and profiting from illegal activities on pornography websites since 2021.

➡️ Company responses:

📱Mastercard described the findings as "concerning" and expressed its willingness to conduct an internal investigation, provided that authorities or child protection organizations offer sufficient evidence.

📱Visa promised to review its merchant network, though no specific timeline was provided. Interestingly, neither company has suspended payments.

➡️ OnlyFans' position: The platform stated that it enforces a "zero-tolerance policy" on any content related to child abuse or human trafficking, immediately blocking any materials that do not comply with its rules.

🧐 Curious details

➡️ In addition to Visa and Mastercard, Discover cards are also accepted on OnlyFans. However, no complaints have been filed against this company. A representative from Discover declined to comment.

➡️ OnlyFans in numbers:

🟡It is one of the fastest-growing and most profitable platforms for content creators globally.
The platform mainly uses cards to process subscriptions, tips, and other payments.

🟡OnlyFans has over 300 million users and 4 million content creators.

🟡In September 2024, OnlyFans reported 6.6 billion USD in gross payments to creators, a 20% increase compared to September 2023.

🟡The platform takes a 20% commission on those earnings.

#news #adult #US

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