SpankPay Closes Due To ‘Hostile Banking Environment’
SpankChain had to shut down its crypto payment processor because it couldn’t find a new one that would work with the adult industry.
Adult entertainment platform SpankChain, which is based on Ethereum, is shutting down its cryptocurrency payment processor, SpankPay. This is because it lost its payment service provider, Wyre, in February and hasn’t been able to find a replacement.
In February, SpankPay said that its previous provider, crypto payment platform Wyre, had ended its contract to provide payment services to SpankPay, citing “violations of any third-party payment processor or network rules.”
After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured your money is safe and we’ll get it to you as soon as possible.
In a March 20 post, SpankPay said that this was a “targeted shutdown” by Wyre because their new payment processor “doesn’t work with the adult business.”
“This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point,” it wrote.
Since then, SpankPay says it has tried to find another service provider but has been turned down because it is “in the adult industry.”
https://t.co/AYR69bCjLd This was a targeted shutdown by Wyre because their new payment processor, checkout dot com, doesn’t work with adult businesses. This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point.
“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,” SpankPay wrote in a Twitter thread.
SpankChain is a blockchain built on Ethereum. Its goal is to help creators of adult content cut out middlemen like traditional banks, which have a long history of fighting with the adult industry.
In July 2019, SpankChain released SpankPay. The payment solution for the adult industry made it easier for adult entertainers and merchants to accept cryptocurrency as payment for their services.
Despite the shutdown, the company assured users, “your money is safe and we’ll get it to you as soon as possible.”
“We encourage users to create crypto wallets and explore personal financial sovereignty. We’ll continue to develop and invest in products that advance the adult industry,” it added.
