SpankPay closes operations as service provider Wyre shuts account

SpankPay, an Ethereum [ETH]-based adult entertainment platform, is closing its crypto payment processor SpankPay after it lost its payment service provider Wyre last month and failed to find another.

<p lang=«en» dir=«ltr» xml:lang=«en»>After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured your money is safe and we’ll get it to you as soon as possible.

— SpankPay (@SpankPay) March 20, 2023

On 16 February, SpankPay revealed that crypto payment platform Wyre had terminated its agreement to provide SpankPay with payment services, citing “violations of any third-party payment processor or network rules.”

<p lang=«en» dir=«ltr» xml:lang=«en»>1/ Once again, we have unfortunate news:

Payments on SpankPay are suspended indefinitely (again), this time because @sendwyre decided to shut down our account in a targeted fashion. https://t.co/6jmPNj09KB pic.twitter.com/oXSCP4i9Rj

— SpankPay (@SpankPay) February 15, 2023

SpankPay stated in a tweet yesterday that it was a “targeted shutdown” by Wyre. Notably, its new payment processor, checkout dot com, “doesn’t work with the adult business.”

<p lang=«en» dir=«ltr» xml:lang=«en»>Other service providers that we explored also rejected us due to being in the adult industry. 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 (@SpankPay) March 20, 2023

SpankPay wrote:

“This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point,”

The firm’s’s attempts to find another service provider have all

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