OnlyFans is being investigated over fears it could be allowing children to access pornography.
Ofcom, the UK regulator, will examine whether it has done enough to keep under-18s from accessing adult material.
The regulator said that it had opened formal proceedings over concerns about its age verification measures.
Under existing rules that pre-date the UK’s new Online Safety Act, video-sharing platforms established in the UK are required to take appropriate action to prevent those aged under 18 from accessing pornographic material.
In response to this, OnlyFans, like other sites hosting adult content, has introduced age verification measures.
However, Ofcom said that having reviewed submissions from OnlyFans in response to formal information requests, it has “grounds to suspect” the platform did not implement its age verification measures in such a way as to sufficiently protect under-18s.
Ofcom said it is also investigating whether OnlyFans failed to comply with its duties to provide complete and accurate information in response to these requests.
A spokesperson for OnlyFans said: “As the leading UK-based and regulated social media platform, OnlyFans works closely with Ofcom to implement and develop best practices on online safety, including the use of age-assurance technology.
“In addition to requiring that all users provide their name and payment card details, OnlyFans uses the Government-approved age assurance provider Yoti.
“A coding configuration issue with Yoti led to a reporting error which stated a threshold was set to 23 years of age, during a period of time when it had been set to 20 – always higher than the requirement of 18.
“OnlyFans discovered the reporting error and proactively amended our report to Ofcom.”