Spankchain's crypto payment service for the erotic industry is discontinued

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SpankPay, ein Kryptowährungs-Zahlungsdienst der Ethereum-basierten Unterhaltungsplattform SpackChain für Erwachsene, wurde geschlossen, nachdem der Krypto-Zahlungsanbieter Wyre den Servicevertrag gekündigt hatte. Die Plattform sagte auch, dass sie ständig von traditionellen Finanzinstituten diskriminiert wurde. SpankPay schließt nach Wyre-Beendigung In einem Tweet-Thread teilte SpankPay am Montag eine von Wyre am 9. Februar 2023 gesendete E-Mail, in der Ameen Soleimani, Mitbegründer und CEO von SpankChain, über seine Absicht informiert wurde, die Vereinbarung zwischen beiden Parteien zu kündigen. Laut SpankChain war die Aktion von Wyre ein Schock, wenn man bedenkt, dass die Beziehung der Plattform zum Zahlungsanbieter „unterstützend und respektvoll“ war. Nach langer und schwieriger Überlegung …
Spankpay, a cryptocurrency payment service of the Ethereum-based entertainment platform Spackchain for adults, was concluded after the crypto payment provider Wyre had terminated the service contract. The platform also said that it was constantly discriminated against by traditional financial institutions. After Wyre's ending in a Tweet-Thread, Spankpay closes SpankPay on Monday an email sent by Wyre on February 9, 2023, in which Ameen Soleimani, co-founder and CEO von Spankchain, was informed about his intention to terminate the agreement between the two parties. According to Spankchain, Wyre's action was a shock when you consider that the relationship of the platform with the payment provider was "supportive and respectful". After a long and difficult consideration ... (Symbolbild/KNAT)

Spankpay, a cryptocurrency payment service of the Ethereum-based entertainment platform Spackchain for adults, was concluded after the crypto payment provider Wyre had terminated the service contract.

The platform also said that it was constantly discriminated against by traditional financial institutions.

SpankPay closes after Wyre's termination

in a tweet thread Spankpay shared an email sent by Wyre on February 9, 2023, in which Ameen Soleimani, co-founder and CEO von Spankchain, was informed about his intention to terminate the agreement between the two parties. According to Spankchain, Wyre's action was a shock when you consider that the relationship of the platform with the payment provider was "supportive and respectful".

after a long and difficult consideration we decided to close Spankpay, our crypto payment processor, which we built as a safe port for our community. Be assured that your money is safe and that we will send you as soon as possible.

-Spankpay (@Spankpay) 20. March 2023

Spankpay also claimed that the "termination was a targeted closure by Wyre because its new payment processor, checkout dot com, does not work with companies for adults".

While Spankpay said that the funds of the users are safe, the efforts to find new service providers came across obstacles, since nobody seems to want to offer financial services for companies that operate an entertainment business for adults

"The operation of SpankPay in an enemy banking environment has always been a challenge, but the escalating attacks are unsustainable for our small team and the niche market we serve."

The large website for adults, pornhub, was faced with traditional financial services of a similar Situation when PayPal in 2019 hired support for the payment to actors. Mastercard and Visa later blocked the use of their credit cards for transactions on the adult website in 2020 according to a report by New York Times that the side showed child abuse, rape and revenge.

shortly after Mastercard and Visa had set up support for Pornhub, the website for adults said that it would accept Bitcoin and other crypto-assets for the platform's premium service.

Combating the discrimination against adult actors

In the meantime Spankpay said that it would continue to contest the discrimination against the erotic industry by banks "by hiring lobbyists and meets with political decision -makers in the congress".

"Since Spankpay is discriminated against due to the nature of our business, we are more motivated as ever to finish these extraordinary censorship practices, which are enforced by financial institutions. Thank you for being part of our community. The fight continues."

Spanchain introduced Spankpay in 2019 as a crypto payment processor, which offered seamless and cheaper transactions for consumers of content for adults. The platform made it possible to make users, purchases and immediate transactions with cryptocurrencies such as BTC, ETH, ZEC, LTC and XMR.