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An OnlyFans spokesperson told LADbible: "OnlyFans will prohibit the posting of any content containing sexually explicit conduct.
"In order to ensure the long-term sustainability of the platform, and to continue to host an inclusive community of creators and fans, we must evolve our content guidelines."
The company did go on to say that nudity would be allowed as long as 'is consistent with our Acceptable Use Policy'.
Under OnlyFans' current terms of service, nudity is permitted as long it isn't broadcast from a country where public nudity is illegal.
Many sex workers and adult film stars who turned to the site to make money on their own terms are devastated by the decision.
A content creator named Shea wrote on Twitter: "I have to start over completely... 6 MONTHS of hard work, gone...I'm losing my mind right now."
Another OnlyFans creator added: "I'm absolutely devastated by the news concerning OnlyFans. Anyone that's been following me lately knows that I just narrowly dodged eviction thanks to that platform and my fans there. I have absolutely no idea what I'm going to do now."
A third said: "I am honestly pretty devastated with the news of OnlyFans removing adult content, while I will be moving platforms I urge you all to see this as yet another example of businesses using and mistreating sex workers. Sex work is work, period, stop treating it like it's not."
There were plenty of people who turned to OnlyFans during the pandemic because it was a way for them to make cash in lockdown.
OnlyFans' rival JustForFans has release a statement trying to attract users and promises they will protect their method of making money.
There are more than two million creators on OnlyFans who have collectively raked in more than $5 billion since the site was launched.
The site generated a whopping $2 billion last year alone, with the company receiving a 20 per cent cut from content shared on the platform.
OnlyFans admitted in a statement to Variety that their new vision comes following a need to 'comply with the requests of our banking partners and payout providers'.
TechCrunch reports the site is currently under a lot of pressure to ensure they aren't hosting child sex abuse material or malicious content like revenge porn.
As a result of this pressure, banks, credit card companies like Visa and Mastercard who allow for payment on the site, and OnlyFans' investors are likely to be behind the upcoming change.