SpankChain Closes Crypto Payment Processor SpankPay

SpankChain Closes Crypto Payment Processor SpankPay

LOS ANGELES — SpankChain has shuttered its cryptocurrency payment processor SpankPay after two incidents involving its infrastructure partner Wyre.

The first incident took place in January, when Wyre temporarily ceased service due to funding issues, forcing SpankPay to shut down as well. 

Service resumed a few days later after Wyre received a funding infusion, but SpankPay was forced to shut down again in early February after supposedly violating the company's user agreement, according to SpankPay founder Ameen Soleimani.

"Understandably, this came as quite a shock to the SpankPay team, seeing as their relationship with Wyre had been mutually supportive and respectful up until this point," said a rep.

"Since the second service interruption, SpankPay has been searching tirelessly for another infrastructure partner," the rep continued. "The struggle to find one has only underscored the deeply prejudicial nature of legacy finance culture and the ways in which legal sex workers and sex work companies are unfairly targeted and discriminated against."

According to the company, it will continue to focus on its SpankMatch social networking platform, as well as invest in the NFT subscription platform and marketplace Mintstars.

"This pivot will allow the company to better serve adult professionals while continuing to make a positive impact on the adult industry as a whole," the rep added. "Rest assured your money is still safe."

Users who still have remaining balances on SpankPay will be contacted via email with instructions on how to withdraw their funds.

For more information, email support@spankchain.com.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Fleshy to Launch Interactive Cam Site 'Eremote'

Male pleasure brand Fleshy has announced that it will launch an interactive, bidirectional cam site next month called Eremote.

XBIZ LA Show Introduces New 'Crib Crawl' Feature

XBIZ is pleased to announce that the 2025 edition of its flagship conference, the XBIZ Show, will debut a brand-new feature: Crib Crawl, offering attendees the chance to meet and greet representatives from leading brands and organizations in dedicated suites at the host venue.

Pre-Nominations Now Open for 2025 TEAs

The pre-nomination period for the 2025 Trans Erotica Awards (TEAs) is now open.

Byborg Invests $22.35M in PLBY Group

Luxembourg-based Byborg Enterprises SA is investing $22.35 million in Playboy parent company PLBY Group.

Supreme Court to Hear Oral Arguments on Texas AV Law in January

The United States Supreme Court has scheduled oral arguments for Free Speech Coalition's challenge to Texas’ age verification law to take place Wednesday, Jan. 15.

2025 XBIZ Exec Awards Nominees for Online Industry Announced

XBIZ is pleased to announce the nominees for the online industry edition of the 2025 XBIZ Exec Awards, set to be presented as part of the annual XBIZ Honors ceremony on Wednesday, Jan. 15 in conjunction with the XBIZ 2025 conference.

Project 2025 Leader Claims Big Tech Companies 'Deliberately Fuel Pornography Addiction' Among Men

Heritage Foundation president and Project 2025 leader Kevin Roberts published on Wednesday the text of a speech in which he persists with his past claim that “predatory Big Tech corporations” are “deliberately fueling pornography addiction” among young men.

FSC Petitions 10th Circuit for Review of Utah AV Dismissal

Free Speech Coalition (FSC) on Wednesday petitioned the United States Court of Appeals for the 10th Circuit to review a decision handed down earlier this month by a three-judge panel of the same appeals court, which denied FSC the right to challenge Utah’s controversial age verification law by suing state officials.

MyAdultAttorney's Corey D. Silverstein to Hold Post-Election Legal Impact Webinar

Industry attorney Corey D. Silverstein will hold a “Legal Impact” webinar titled “We Have a New U.S. President: Legal and Community Implications” on Nov. 12 at 1 p.m. PST.

Pornhub Shuts Down Access in Oklahoma Over Age Verification

Aylo began geo-blocking Pornhub across Oklahoma on Tuesday, three days in advance of the state’s new age verification law, SB 1959, taking effect.

Show More