Banking Challenges Faced by OnlyFans Creators
Tech entrepreneur Madelaine Thomas has encountered significant banking hurdles with Barclays due to her affiliation with the adult content platform OnlyFans. Thomas, who also operates a startup named Image Angel, reported that Barclays closed her business account and scrutinized her personal banking services owing to her earnings from adult content.
Impact on Professional and Personal Banking
Initially, Thomas's interactions with Barclays were favorable when she applied for a business account for Image Angel, a technology firm dedicated to applying digital watermarks to online images. Despite this, her relationship with the bank soured due to further queries about her income from OnlyFans and the usage of a joint account shared with her husband for family expenses. Thomas voiced her frustration on her LinkedIn page, emphasizing her technology’s role in combating violence against women and enhancing societal safety.
The Broader Issue with Financial Institutions
OnlyFans, which has become a lucrative platform for nearly five million creators by servicing over 350 million users, has seen similar banking issues in the past. Notably, in 2021, model Jessica Alves had her account closed by Barclays due to transactions associated with adult content. This incident underscores a recurring theme where financial providers target accounts linked to adult industry work.
Regulatory Advice Against Unfair Account Closures
The Financial Conduct Authority (FCA) has previously advised banks against unjustly blocking or closing the accounts of those in the adult industry, highlighting the severe consequences such actions can have on the affected individuals.
Barclays' Response and Ongoing Developments
In light of these events, Barclays stated that the closure of accounts is assessed on a case-by-case basis, underlining their obligation to verify the origins of funds to minimize customer impact. Despite these challenges, Thomas has successfully opened a new business account with a different bank, allowing her to continue her entrepreneurial ventures and advocacy for creator rights.
