Sex Workers: The Overlooked Victims of Debanking

Jessica Van Meir argues that banks are systematically discriminating against sex workers, exposing them to risks such as doxxing, financial exploitation, and violence. According to a recent Financial Conduct Authority (FCA) report, banks are increasingly denying or terminating accounts for adult entertainment businesses, putting sex workers at significant risk when they lose access to basic banking services.

Van Meir, who has extensively researched sex workers’ rights, confirms that the FCA’s warning is accurate but the reality is even more severe. Debanking not only increases the risk of sex trafficking but also perpetuates poverty among sex workers. Without access to a bank account, sex workers often must rely on others to manage their funds, increasing their vulnerability to financial abuse and exploitation.

While high-profile cases of debanking, like those involving Nigel Farage, have drawn attention, the FCA report highlights that for sex workers, losing access to banking is not just an inconvenience but a serious safety concern. The report stresses that adult entertainment workers—from full-service sex workers to online content creators—face a high likelihood of being denied banking services.

The FCA’s report emphasizes that such treatment is unlawful, given that sex work is legal in Great Britain. The report underscores the urgent need for banks to address the financial discrimination faced by sex workers. Without a bank account, individuals in the adult entertainment industry struggle with basic financial transactions, increasing their risk of homelessness and forcing them into risky alternatives like offshore accounts or cryptocurrency.

Doxxing, or revealing someone’s real name, further exacerbates the dangers for sex workers by making them susceptible to blackmail and violence. Van Meir, co-founder of Mintstars, a platform dedicated to addressing the issues faced by online sex workers, has been campaigning for the government to ensure that sex workers are not excluded from banking services. Despite obligations to provide basic services, banks and payment providers continue to fail to support adult entertainment sectors, ignoring safety and rights.

With the FCA’s report highlighting the severe consequences of financial exclusion, the onus is now on banks to address their discriminatory practices and recognize sex workers as legitimate individuals deserving of banking services.