The adult-themed SpankPay payment service announced Monday that it would shut down after its upstream payment processor, Wyre Payments, terminated its agreement with the company. Wyre cited “violations of any third-party payment processor or network rules,” in February.

SpankPay asserted that its contract was singled out.

“This was a targeted shutdown by Wyre because their new payment processor, Checkout.com, doesn’t work with adult businesses,” the company tweeted. “This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point.”

Spankchain, an adult industry blockchain, launched SpankPay in August 2019 “as a safe haven for our community,” allowing fans to pay for adult content instantly and discreetly using Bitcoin, Ethereum, Litecoin, and Monero. The service later expanded to include other coins.

SpankPay has faced an uphill battle to find other service provider options to provide financial services to a business catering to the adult industry.

“We have been looking for options since we got that letter,” SpankPay advisor Allie Knox told Decrypt in an interview. “We looked for oth

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Author: Jason Nelson

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