The settlement platform led by sex workers is closed, and it turns out that the wind from the financial world to the sex industry is still strong

The adult industry's cryptocurrency payment platform ' SpankPay ' has announced that it will be closed on March 20, 2023. It was used as a platform for sex workers who could not use common payment methods, but it has become clear that it has become difficult to continue due to the increase in regulations.

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.

— SpankPay (@SpankPay) March 20, 2023

Sex Worker-Led Payment Platform Shuts Down After Being Cut Off by Processor
https://www.vice.com/en/article/88x9mb/spankpay-sex-work-payment-platform-shuts-down

SpankPay, a cryptocurrency payment service primarily intended for use in the adult industry, tweeted on March 20, 2023 local time, ``After a long and difficult consideration, we have decided to close SpankPay.'' . According to the tweet, the assets owned by the user will not be lost and 'will be delivered to each user as soon as possible.'

SpankPay is a blockchain payment method launched in 2019 by the adult industry project Spankchain, which allows you to pay with virtual currency for adult services that often do not handle credit card payments and banking services. .

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According to a legal letter posted on Twitter by SpankPay in February 2023, Spankchain's upstream payment provider, Wyre Payments , accused SpankPay of 'violating the rules of third-party payment processors or networks.' has indefinitely suspended payments through In response, SpankPay said, ``It has always been difficult to operate SpankPay in a hostile environment with banks. The market has become intolerable,' he said.

1/ Once again, we have unfortunate news:

Payments on SpankPay are suspended indefinitely (again), this time because @sendwyre decided to shut down our account in a targeted fashion. https://t.co/6jmPNj09KB pic.twitter.com/oXSCP4i9Rj

— SpankPay (@SpankPay) February 15, 2023

And in March 2023, SpankPay revealed that Wyre's new payment provider, Checkout.com , was forced to close because it did not allow payments related to sexual businesses to be processed.

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.

— SpankPay (@SpankPay) March 20, 2023

Sex worker Allie Eve Knox, an advisor to SpankPay, has been banned from using all major publicly available payment apps and payment services because she is a sex worker, and has been denied access to life and billing. It seems that he is using virtual currency as a way to continue paying for books. The closure of SpankPay, which was launched with the aim of supporting such sex workers, is seen as a major blow as funding options are dwindling.

Mike Stabile, a spokesperson for the adult industry advocacy group The Free Speech Coalition, told Motherboard, 'Among the many conversations about the banking system and cryptocurrencies, we've seen not only how discrimination works in payments, but also discrimination. It was important to have the opportunity to speak specifically about the impact it will have.We have met with Senate and House offices and committees and it has been surprisingly well received by both sides of Congress.SpankPay's losses are adult businesses and creators. As tragic as it is for us, we can only hope that Congress will take more immediate action in response to this incident.'