CYBERSPACE—Adult payment processor SpankChain announced that, due to “regulatory headwinds” and “prejudicial bureaucracy,” it will pause SpankPay, its adult crypto payment platform, and SpankMatch, its adult networking platform.
The company noted that, since its inception in 2017, it has battled to provide services for the controversial adult and crypto industries.
"We’ve been kicked out of banks, and many individuals and companies have refused to do business with us," said Allie Eve Knox, SpankChain's chief of staff. "And we are not the only ones facing this very discriminatory climate. It’s not just adult or adult-adjacent companies, but many companies in the crypto space have been de-banked or faced some kind of punitive measure."
The company reassured its clients that all user records are safe and “will be handled with the highest diligence as SpankChain focuses all of its efforts on helping create a world where such products can thrive. SpankChain will continue to educate regulatory bodies, focusing on advocacy and education while continuing to support promising crypto and adult initiatives.”
The company had already fought against its de-platforming in 2022, when it was forced to migrate from CoinPayments to Wyre, then again in 2023, when Wyre was no longer able to support adult businesses.
"This time around, the challenges and uncertainties have made it impossible to derisk and protect our platform, and we couldn’t bear the thought of hard working adult creators getting rugged yet again," Knox said.
The focus will shift to SpankChain’s educational platform, SpankUniversity. SpankU will provide educational content for both the adult and crypto communities and bring awareness to legislative bodies, influencing debanking, and privacy issues regarding both communities.
For more information, visit SpankChain.com and follow @SpankChain on all social media.
