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SpankChain's crypto payment service for the adult industry is shutting down
SpankPay, a cryptocurrency payment service from Ethereum-based adult entertainment platform SpackChain, has shut down after crypto payment provider Wyre terminated the service contract. The platform also said it was constantly discriminated against by traditional financial institutions. SpankPay Closes After Wyre Termination In a tweet thread on Monday, SpankPay shared an email sent by Wyre on February 9, 2023, informing SpankChain co-founder and CEO Ameen Soleimani of his intention to terminate the agreement between both parties. According to SpankChain, Wyre's action came as a shock considering the platform's relationship with the payment provider was "supportive and respectful." After long and difficult consideration...
SpankChain's crypto payment service for the adult industry is shutting down
SpankPay, a cryptocurrency payment service from Ethereum-based adult entertainment platform SpackChain, has shut down after crypto payment provider Wyre terminated the service contract.
The platform also said it was constantly discriminated against by traditional financial institutions.
SpankPay closes after Wyre termination
In a tweet thread on Monday, SpankPay shared an email sent by Wyre on February 9, 2023, informing SpankChain co-founder and CEO Ameen Soleimani of his intention to terminate the agreement between both parties. According to SpankChain, Wyre's action came as a shock considering the platform's relationship with the payment provider was "supportive and respectful."
After long and difficult consideration, we have decided to close SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured that your money is safe and we will get it to you as quickly as possible.
— SpankPay (@SpankPay) March 20, 2023
SpankPay also claimed that the "termination was a targeted shutdown by Wyre because their new payment processor, checkout dot com, does not work with adult businesses."
While SpankPay said that users' funds are safe, efforts to find new service providers have encountered obstacles as no one seems to want to offer financial services to companies that operate an adult entertainment business.
“Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve.”
Major adult website Pornhub faced a similar situation with traditional financial services when PayPal stopped supporting payouts to performers in 2019. Mastercard and Visa later blocked the use of their credit cards for transactions on the adult website in 2020 after a report from New York Times claimed that the site showed child abuse, rape and revenge pornography.
Shortly after Mastercard and Visa dropped support for Pornhub, the adult website said it would accept Bitcoin and other crypto assets for the platform's premium service.
Combating discrimination against adult performers
Meanwhile, SpankPay said it would continue to challenge banks' discrimination against the adult industry "by engaging lobbyists and meeting with policymakers in Congress."
"Because SpankPay faces discrimination due to the nature of our business, we are more motivated than ever to end these extralegal censorship practices enforced by financial institutions. Thank you for being part of our community. The fight continues."
SpanChain launched SpankPay in 2019 as a crypto payment processor that offered seamless and cheaper transactions for adult content consumers. The platform allowed users to make purchases and instant transactions using cryptocurrencies such as BTC, ETH, ZEC, LTC and XMR.