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OnlyFans will prohibit users from posting porn.
The move comes amid pressure from OnlyFans' banking partners and payment providers.
This is the main reason why they want to prohibit porn
The changes are needed because of mounting pressure from banking partners and payment providers, according to the company.
OnlyFans is trying to raise money from outside investors at a valuation of more than $1 billion.
“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.
The company is run by its founder, Tim Stokely, and owned by Leonid Radvinsky, an internet entrepreneur.
The company has been praised for giving sex workers a safer place to do their jobs. But sex work still has a stigma.
The company handled more than $2 billion in sales last year and is on pace to generate more than double that this year. It keeps 20% of that figure.
What about the OnlyFans Users?
The news disappointed some of the sex workers who’ve come to rely on OnlyFans. Silfy, a 30-year-old from Dallas who declined to provide her real name, began posting to OnlyFans a few years ago and relies on the site to pay her bills.
OnlyFans has 130 million users and over 2 million creators. It surged to popularity amid the pandemic.
OnlyFans creators choose the price they charge their subscribers and keep 80% of the revenue, with the platform taking 20%.
Creators on OnlyFans have collectively earned over $5B since the company started operations in 2016.
The announcement is likely to undermine OnlyFans' attempts to raise money at a $1B valuation.