Sex Worker-Led Payment Platform Shuts Down After Being Cut Off By Processor
SpankPay is the payments side of the blockchain Spankchain, a sex worker-led alternative to more mainstream cryptocurrency exchanges. Spankchain started development around 2017, and SpankPay launched in 2019. Wyre Payments, the company’s upstream payment processor, terminated SpankPay’s account because Wyre’s new payment processor, Checkout.com, doesn’t allow processing for payments related to sexual businesses, SpankPay said. In February, payments through SpankPay were suspended because Wyre indefinitely terminated Spankpay, alleging it was in violation of “third-party payment processor or network rules,” according to a legal letter sent from Wyre that SpankPay posted to Twitter. “Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve,” SpankPay tweeted in February.
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