Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A top OnlyFans executive has admitted that his bank account was suspended, hit by a growing problem faced by those associated with the social media platform used by sex workers.Lee Taylor, chief financial officer, told the Financial Times\u2019s TNW tech conference in Amsterdam this week: \u201cMy bank, where I have my mortgage for my house \u2014 where my family and my two children live \u2014 froze my account for a month while they went through a compliance procedure.\u201dHe added: \u201cThey weren\u2019t very transparent with me, but I later found out\u2009.\u2009.\u2009.\u2009that it was the name of the company that was paying my wages that had caused the compliance review.\u201dHis admission comes months after Keily Blair, OnlyFans chief executive, told the FT that her application for a personal bank account had been declined because she works for OnlyFans.OnlyFans, which rejects the notion it is a pornography site, has struggled to overcome negative perceptions from adult content that dominates the platform. Banks and payments providers have long considered services associated with sex work as high risk, despite such content being legal.\u201cReputational risk is a blanket term that they use,\u201d said Taylor, referring to financial institutions.The two OnlyFans executives declined to name the banks involved in their cases, with Taylor adding: \u201cI don\u2019t want to lose my mortgage.\u201dThe London-based site has campaigned for better treatment from financial institutions for influencers on its platform who have struggled to obtain mortgages or bank accounts, known as \u201cdebanking\u201d. More than 80 per cent of members of the Sex Workers Union say they have experienced some form of financial discrimination.Sex workers have argued that the practice leaves them more vulnerable to financial exploitation. The financial services group that turned Blair\u2019s application down \u201cwould previously have been incredibly keen to have my business\u201d, she said in an interview with the FT in February. \u201cNothing about me has changed, nothing about my risk profile has changed, but it was very interesting to see that prejudice come up.\u201dBlair called it a \u201creally good lesson\u201d on some of the issues that OnlyFans\u2019 creators face. The platform allows creators including adult content stars, musicians and artists to sell videos, images and messages directly to subscribers who pay a monthly fee of between $5 and $50. OnlyFans takes a 20 per cent commission from that. Its revenues grew more than 17 per cent in the year ending November 2022 to more than $1bn.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A top OnlyFans executive has admitted that his bank account was suspended, hit by a growing problem faced by those associated with the social media platform<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-135086","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/135086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=135086"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/135086\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=135086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=135086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=135086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}