Adult Crypto Payment Service SpankPay Closed Due To Lack Of Funding Problem
, an adult-themed payment service, announced its closure after its upstream payment processor, Wyre Payments, canceled its arrangement with the firm. Wyre’s new payment processor, checkout dot com, does not accept payments from adult enterprises, according to the payment company. SpankPay was forced to stop operations in January 2023 after its long-time infrastructure partner, Wyre.
The period of normality was short-lived since SpankPay was shut down again in early February, but Wyre continued to function smoothly. Within 24 hours, Ameen Soleimani, the creator of SpankChain, got an email from a Wyre official announcing that Wyre was suspending its service due to breaches of network restrictions in its user agreement, despite earlier vowing to support the company. During the downtime, SpankPay was able to secure user assets and continue to allow user withdrawals. Wyre got additional cash a few days later, allowing SpankPay to resume operations.