SpankPay crypto payment service shutters, citing 'hostile banking environment

Ethereum-based big amusement level SpankChain is shuttering its crypto outgo processor, SpankPay, aft losing its outgo work supplier Wyre successful February and failing to find a caller one. 

In February, SpankPay revealed that its erstwhile supplier — crypto outgo level Wyre — had terminated its statement to supply outgo services to SpankPay, referring to "violations of immoderate third-party outgo processor oregon web rules."

After a agelong and hard consideration, we person decided to adjacent down SpankPay, our crypto outgo processor that we built arsenic a harmless haven for our community. Rest assured your wealth is harmless and we’ll get it to you arsenic soon arsenic possible.

In a March 20 post, SpankPay said this was a “targeted shutdown” by Wyre due to the fact that their caller outgo processor “doesn’t enactment with the big business.”

“This came arsenic a shock, seeing arsenic our narration with Wyre had been supportive and respectful up until this point,” it wrote.

SpankPay says since then, each attempts to find different work provided resulted successful rejection owed to it "being successful the big industry."

Other work providers that we explored besides rejected america owed to being successful the big industry. Operating SpankPay successful a hostile banking situation has ever been challenging, but the escalating attacks person go untenable for our tiny squad and the niche marketplace we serve.

"Operating SpankPay successful a hostile banking situation has ever been challenging, but the escalating attacks person go untenable for our tiny squad and the niche marketplace we serve," SpankPay wrote successful a Twitter thread.

SpankChain is an Ethereum-based blockchain aimed astatine helping big contented creators chopped retired third-party intermediaries specified arsenic accepted banks — which person had a agelong past of conflict with the big industry.

SpankChain launched SpankPay successful July 2019 arsenic 1 of the means to recognize that goal. The adult-industry-friendly outgo solution assisted big entertainers and merchants successful accepting cryptocurrency for their services.

Related: Blockchain exertion tin assistance make harmless and inclusive big platforms

Despite the shutdown, the institution assured users, "your wealth is harmless and we'll get it to you arsenic soon arsenic possible."

“We promote users to make crypto wallets and research idiosyncratic fiscal sovereignty. We’ll proceed to make and put successful products that beforehand the big industry,” it added.