Adult Performers Banned from Banks Find Refuge in Cryptocurrency
Major banks have cracked down on sex workers using their financial services and shut down many accounts, fearing potential consequences. But a new financial landscape is emerging, offering a lifeline to those facing traditional banking restrictions. With the advent of cryptocurrency, online adult performers now have a way to escape unjust local laws and banking issues.
Allie Eve Knox is banned from all of the payment apps and platforms most people take for granted: PayPal, Square, Circle, Cashapp, Venmo. All of this is because she's an adult performer. Like many in the industry, Knox has turned to cryptocurrency as a viable alternative. CNBC interviewed six adult entertainers about cryptocurrency use, including webcam performer Allie Eve Knox, who became interested in cryptocurrencies after several of her accounts were closed.
The allure of cryptocurrency lies in its decentralized nature. It offers a degree of anonymity and control that traditional banking simply cannot match. This is particularly appealing to adult performers facing account closures and restrictions due to the perceived risk associated with their industry.
“With stricter rules from payment processors and the recent issues with OnlyFans, it's obvious crypto will be the solution,” said British performer Adreena Winters. Her sentiment reflects a growing trend within the adult entertainment industry, where crypto is seen not just as an alternative, but as a necessary tool for financial survival.
While the Free Speech Coalition has been advocating for alternative banking solutions for politically controversial industries, (though it was presented as a hyperpartisan, ‘anti-woke’ banking solution for politically controversial industries such as firearms sales), the shift towards cryptocurrency represents a broader movement towards financial autonomy and self-reliance for adult entertainers. Seeing an underserved market, several crypto platforms are now actively courting the adult entertainment industry, offering specialized services and support.
The future of finance for adult performers is undoubtedly intertwined with cryptocurrency. As traditional banking institutions continue to impose restrictions, crypto offers a pathway to financial inclusion and a safeguard against arbitrary censorship.