OnlyFans and Banking Challenges: The Case of Entrepreneur Ms. Thomas
Entrepreneur Ms. Thomas has publicly accused Barclays of closing her business bank account due to her involvement with OnlyFans, a platform widely recognized for hosting adult content. Ms. Thomas, the founder of a startup called Image Angel, has pioneered a new technology intended to shield online images with digital watermarks, thus preventing unauthorized distribution. This innovation was sparked by her personal ordeal of having private photos disseminated without her consent.
Details of the Account Closure by Barclays
Ms. Thomas’s application for a business account with Barclays initially received positive feedback and progressed smoothly. However, complications arose when the bank made additional inquiries into her financial activities. These included questions about her income generated from OnlyFans and specifics of a joint account shared with her husband. Subsequently, the account was closed, a move that Ms. Thomas decried on her LinkedIn profile.
Impact on Women's Safety and Rights
On LinkedIn, Ms. Thomas highlighted the irony in her situation. Despite developing a technology that enhances safety and protects the rights of individuals, particularly aimed at reducing violence against women and girls, her financial ties to OnlyFans led to increased scrutiny and eventual account closure. She remarked, “It’s a benefit to society,” stressing the societal value of her tech initiative.
Barclays' Response and Regulatory Oversight
In response to the allegations, Barclays stated their commitment to following strict protocols in managing business accounts, emphasizing the necessity to understand the sources of funds comprehensively. According to Barclays, "We will only close a customer's account after careful thought and in line with our product terms and conditions... We do not take this decision lightly.” This statement comes in the context of last year's warning from the Financial Conduct Authority (FCA), which cautioned banks against practices that might discriminate against adult industry workers, highlighting potential harms to the affected individuals.
Ms. Thomas’s Continued Advocacy for Online Safety
Despite the obstacles faced with Barclays, Ms. Thomas has successfully opened a new business account with a different bank. She continues her advocacy for technological solutions that enhance online safety, ensuring that her entrepreneurial journey contributes positively to societal well-being.
