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 © 2025 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

Arcom to Expand AV Enforcement to Smaller Adult Sites

The president of French media regulator Arcom revealed on Thursday that the agency plans to escalate its enforcement of age verification rules to include smaller adult sites, starting in late 2025 or early 2026.

AEBN Publishes Report on MILF, Cougar Trends

AEBN has published a report on MILF and Cougar categories from its straight theaters.

Pornhub to Shut Down Access in Arizona Over Age Verification

Aylo will geoblock Pornhub across Arizona starting Sept. 26, when the state’s age verification law, HB 2112, goes into effect.

Flirtback Launches Zcash Crypto Payment Solution

Creator platform Flirtback has launched its Zcash (ZEC) crypto payment solution.

Vixen Media Group Appoints Samuel Spencer as President, COO

Vixen Media Group (VMG) has named industry veteran Samuel Spencer as its new president and chief operating officer.

French Telecoms Mogul Ignites AV Firestorm With Free VPN, Sarcastic Tweet

French billionaire Xavier Niel, founder of telecommunications giant Iliad, sparked a heated debate this week when he appeared to admit that the company's Free Mobile wireless carrier integrated no-cost VPN into its service specifically to circumvent age verification restrictions on adult content.

UPDATED: Michigan Legislators Propose Online Porn Ban

Michigan lawmakers have introduced a bill that would make it illegal to distribute pornography via the internet in the state.

Taliban Restricts Access to Adult Content by Shutting Down Internet

The Taliban has shut down internet access across a large portion of Afghanistan in a move to prevent what it deems "immoral activities."

Go.cam Adds Video Spoofing Protection for AV

Go.cam has announced that its verification solution now features security against video spoofing.

SexLikeReal Releases 'VR Self-Care' Guide

SexLikeReal (SLR) has published a blog post spotlighting “VR Self-Care.”

Show More