I've been seeing a lot of people talking about OnlyFans banning pornography and largely the response has been; "idiots, why ban the thing that makes them money?". I don't think that they are idiots. I think that OnlyFans is trying to protect itself. But first lets talk about PornHub.
December 4, 2020: The New York Times released an article called "The Children of Pornhub". The article was about the fact that PornHub didn't do enough to combat child porn. Among other things it said that PornHub "monetizes child rapes". Visa and Mastercard announced they would review their relationship with PornHub. PornHub immediately disabled all uploading for non verified users.
December 10, 2020: After a 6 day investigation both Visa and Mastercard cut off payments to PornHub. This shuts down PornHubs main revenue stream, forcing them to rely only on advertising.
December 14, 2020: PornHub decides to remove everything unless it was made by verified users or partners. This removed around 70% of all content on PornHub. This drastic move was obviously done to try and get Visa and Mastercard back on board.
Today: Visa and Mastercard still won't work with PornHub. The only way to pay PornHub is through cryptocurrency or direct bank transfers.
If OnlyFans loses direct payments, they are dead. They have no ads to fall back on. OnlyFans saw what happened to PornHub, and they don't want to be next.
OnlyFans has openly stated they are facing "mounting pressure from banking partners and payment providers". And it seems like the BBC is in the process of writing a similarly negative article about OnlyFans, including allegations that OnlyFans doesn't take child porn seriously. This is some really bad news for OnlyFans. It took 6 days for Visa and Mastercard to cut off payments to PornHub. That article could drop any moment, and OnlyFans could be dead within a week.
At this point OnlyFans has two options:
Half measures: Strengthen the verification process. Increase moderation. Hope the article isn't that bad. Hope that payment providers dont shut you down.
Full measures: Get rid of all porn. Make a lot less money. Keep existing.
OnlyFans chose to protect itself by taking full measures. They would rather have a small site that makes a bit of money, than a super profitable site that could be killed at any moment.
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