The industry is rife with this kind of fraud, and chargebacks represent tangible risk of financial loss, so banks just blanket ban working with certain industries.
People who sell precious metal jewelry for credit card payments are another.
source: used to run porn websites back in the early 00s.
The banking services they terminated consisted of a single business checking account, business savings account and company credit card. That was it. That was what they deemed "too risky."
We learned from someone who used to work at Chase's compliance department that most big banks just have a flat-out ban on working with any customers that are involved in the industry in any capacity what-so-ever due to concerns over serious things like human trafficking. It was the fact that we were distributing [lawful and traceable to the producer] content that made them not want us as a client.
This can bite you, though unlikely. Look at Fed Lisa Cook. Probably at some point she thought it'd be okay and she's good for the money and it's just a bureaucracy to bypass. It's a very small thing if you compare to ... uhm ... what Trump did. But it's biting hard now.
In 2022 I lost my business banking and had to shut down a business that I owned for 20 years because it was related to the adult entertainment industry and, despite being completely legal and aboveboard, a single wire transfer that got a little bit of scrutiny resulted in them asking questions about what we did and, knowing that I was doing absolutely nothing wrong, I answered all of their questions truthfully and completely. A few months later I was told that we "fell outside of their risk appetite", our accounts were being closed... and for two months we searched for any bank or credit union in Canada but none would take us.
A lot of industry insiders had that exact reaction: "Are you stupid? Did you not know?! You NEVER admit that you're in this industry you moron!" etc. We even had a very sympathetic branch manager suggest that we re-incorporate, re-brand and hide what we do (a front, in other words). I couldn't do that. And I mean, we had no issues for 20 years. 10 of which were banking as a corporation (was personal accounts before that since we ran it as a proprietorship) and I thought that being in Canada we were pretty progressive. No one I told on a personal or professional level had ever cared. So why would the banks? We were lawful so why should they care?