An anonymous reader quotes a report from Motherboard: Adult industry cryptocurrency Payment platform Spankpay announced on Monday that it is closing down, after facing the same banking discrimination it aimed to help sex workers avoid. "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," SpankPay tweeted. "Rest assured your money is safe and we'll get it to you as soon as possible." SpankPay is the payments side of the blockchain Spankchain, a sex worker-led alternative to more mainstream cryptocurrency exchanges. Spankchain started development around 2017, and SpankPay launched in 2019. Wyre Payments, the company's upstream payment processor, terminated SpankPay's account because Wyre's new payment processor, Checkout.com, doesn't allow processing for payments related to sexual businesses, SpankPay said. In February, payments through SpankPay were suspended because Wyre indefinitely terminated Spankpay, alleging it was in violation of "third-party payment processor or network rules," according to a legal letter sent from Wyre that SpankPay posted to Twitter. "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 tweeted in February.

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