The site looks to attract more investment from major banks
OnlyFans has announced that it will be banning “sexually explicit” content being uploaded to the platform from October.
However, users will still be allowed to post “nude videos and photos,” as long as the content adheres to the platforms terms of service.
The move comes as OnlyFans seeks outside investment from major banks in a bid to reach a $1 billion valuation. Investors and potential partners have previously been put off the brand because of its reputation for explicit content and pornography.
Banks have also put the platform under pressure, with several firms considering payments to adult sites as ‘high risk’ as they show hesitancy over what kind of sexually explicit content websites share.
“OnlyFans will prohibit the posting of any content containing sexually explicit conduct,” the company said in a statement. “In order to ensure the long-term sustainability of our platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines.”
OnlyFans was founded by English businessman Tim Stokely in 2016 and has some 130 million user. Last year, the site took more than $2 billion in sales. The site takes a 20 per cent fee of all payments, meaning that in 2020 the company generated more than $400 million in revenue.
However the platform has come under pressure for how it deals with accounts that post illegal content.
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In June, the BBC found that under-18s were able to sell explicit videos on the site, despite it being illegal for people to share indecent images of children. Leaked documents showed that although the content was removed, OnlyFans lets moderators gives creators multiple warnings before actually closing the accounts.
Moderation specialists and child protection experts have said that this demonstrated the company has a “tolerance” for accounts posting illegal content.
The site said: “OnlyFans remains committed to the highest levels of safety and content moderation of any social platform.
“All creators are verified prior to being able to upload any content to OnlyFans, and all uploaded content is checked by automated systems and human moderators.”
