The tyranny of payment processors as moral barometers strikes again. On Thursday, Axios revealed that OnlyFans was struggling to raise money from outside investors despite being on track to make more than a billion dollars this year. Later in the afternoon, OnlyFans announced it is eliminating sexually explicit content from its platform.
The internet was agog, given that OnlyFans’s success is almost entirely based on sexually explicit content. In this episode, NLW explores the variety of things going on behind the scenes, connects the dots to Chase Bank’s shutdown of Compass Mining’s accounts and argues that payment processors shouldn’t be in charge of societal decisions about what free people are allowed to do.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Gabby Jones/Bloomberg/Getty Images, modified by CoinDesk.