Explore why OnlyFans' verification process is tougher than crypto exchanges.
Contents
2 min read
Verification Challenges: OnlyFans vs. Crypto Exchanges
In a landscape where digital identity verification is crucial, OnlyFans and Pornhub present more formidable hurdles than many cryptocurrency exchanges. Despite these challenges, tougher verification processes do not always equate to stronger Know Your Customer (KYC) compliance.
Comparing Verification Processes
Related: Understanding the Concept of Decentralized Identity in the Blockchain Ecosystem
Both adult content platforms and cryptocurrency exchanges face intense scrutiny over user verification. Adult sites aim to prevent minors from engaging in explicit content creation, while crypto platforms focus on thwarting money laundering activities. However, the verification journey on platforms like OnlyFans often involves more complex steps than those required by crypto exchanges.
For instance, Cointelegraph’s attempts to create accounts on both OnlyFans and Pornhub were met with repeated rejections due to various reasons, including issues with profile images and social media links. In contrast, crypto exchanges such as Coinbase, Bybit, and Bitget provided more streamlined processes, focusing on financial documentation and proof of address. Bybit, for example, required a video of a tilted passport to display its hologram, completing the process in minutes.
Related: Upbit Fined for Failing to Implement Adequate KYC Measures
Regulatory Pressures and Industry Reactions
The tightening of verification processes across both industries is largely a reaction to past scandals and regulatory pressures. OnlyFans, for instance, faced scrutiny in 2021 after reports revealed minors were selling explicit content on the platform. Similarly, Pornhub had to overhaul its verification system in 2020 following a New York Times article exposing underage and non-consensual videos on the site.
In the crypto world, exchanges have been forced to adopt stricter KYC protocols following regulatory actions. For example, BitMEX settled with U.S. regulators in 2021 for $100 million due to Anti-Money Laundering (AML) failures. These actions have pushed exchanges to align their KYC processes with global financial standards.
Related: Crypto Exchanges Bybit, Bitget, and OKX Implement Geo-Blocking and KYC Procedures
The Path Forward
Both adult content platforms and cryptocurrency exchanges have learned hard lessons from past oversights, leading to more rigorous identity checks. However, the effectiveness of these systems in preventing fraud and ensuring compliance remains under scrutiny. The evolution of KYC processes continues as both industries adapt to regulatory demands and technological advancements.
For further insights on the topic, you can explore the New York Times’ report on Pornhub’s challenges and Mastercard’s stance on adult content standards.
John is a renowned journalist and blockchain enthusiast with over 12 years of experience covering global financial trends and cryptocurrency markets. His sharp insights and ability to break down complex topics make him a cornerstone of finandcrypto.com. Known for his analytical skills, John is passionate about delivering content that empowers the crypto community.
