This is the reason. Sex work is a crime so banks can’t offer banking services and sex work-adjacent businesses (like strip clubs) tend to be high-cash businesse

This is the reason. Sex work is a crime so banks can’t offer banking services and sex work-adjacent businesses (like strip clubs) tend to be high-cash businesses so they’re considered high risk for money laundering. This means the entirety of adult entertainment gets bucketed as “high risk” even though technology has, in theory, significantly changed the actual money laundering risk presented by these businesses. Also, the type of people who are typically sitting in the meetings who would have to sign off on changes to these long-held banking “truisisms” haven’t given it a second’s thought and they really don’t care to re-examine their beliefs anyway.