Verification Challenges on Adult Platforms Versus Crypto Exchanges
The identity verification process for creators on adult content platforms such as OnlyFans and Pornhub can be significantly more demanding and less transparent than Know Your Customer (KYC) procedures on cryptocurrency exchanges. However, this added complexity does not necessarily correspond to enhanced compliance or security.
Experiences with Verification Processes
Cointelegraph conducted practical tests by attempting to pass verification on both adult platforms and crypto exchanges. The findings indicated that OnlyFans required extensive documentation, including ID, selfies, address confirmation, and social media links, with frequent rejections despite meeting stated criteria. Cointelegraph’s OnlyFans creator account application was ultimately denied without detailed explanation. Similarly, Pornhub initially rejected the application citing vague reasons but approved it after a second submission following media inquiry.
Joshua Chu, an asset recovery lawyer and co-chair of the Hong Kong Web3 Association, independently reported similar difficulties with OnlyFans verification, contrasting it with comparatively smoother KYC experiences on crypto platforms operating in Hong Kong.
Crypto Exchanges’ Structured KYC Approach
Cryptocurrency exchanges such as Coinbase, Bybit, and Bitget implement verification processes focused on financial documentation, source-of-funds disclosures, and proof of address. Coinbase’s process included employment details and required multiple document submissions before approval. Bybit’s verification involved detailed ID checks including hologram verification, completed within minutes. Bitget offered the fastest approval with automated eKYC services enabling crypto transfers in about ten minutes.
Bitget’s Chief Legal Officer Hon Ng explained that adult platforms often rely on more conservative or manual age-verification methods, which are complicated by inconsistent regulations and privacy concerns. In contrast, crypto exchanges follow more standardized and globally recognized KYC protocols.
Historical Context of Stricter Verification
Both adult content platforms and cryptocurrency exchanges tightened their identity verification procedures only after public scandals and regulatory pressure. Pornhub revamped its system in 2020 after reports exposed underage and non-consensual content, leading to payment processing suspensions and mandatory ID verification for creators. OnlyFans faced similar scrutiny in 2021 following investigations revealing minors circumventing platform safeguards.
Cryptocurrency exchanges historically allowed minimal verification, resulting in regulatory actions such as BitMEX’s multi-million-dollar settlements for AML failures and KuCoin’s guilty plea for unlicensed operations. The Financial Action Task Force’s updated guidelines from 2021 further mandated robust AML and KYC compliance for crypto platforms.
Ongoing Challenges and Regulatory Impact
Despite improvements, experts caution that crypto exchanges still face challenges in verifying key documents and combating sophisticated identity fraud, including AI-generated counterfeit documents. Joshua Chu emphasized that KYC remains foundational to combating illicit activities but noted that crypto platforms lag behind traditional finance in verification integrity.
While onboarding on adult platforms may involve more procedural hurdles than crypto exchanges, this does not guarantee superior security or accuracy. OnlyFans has not clarified the rationale behind repeated rejections despite valid submissions. Both sectors’ current stringent verification regimes result from lessons learned following significant enforcement actions and public scrutiny.
