Earlier this month, he admitted to sending sexually explicit messages to two 16-year-old boys.
YouTube confirmed to the BBC that the 21-year-old - who has 25 million subscribers to his YouTube channel - had been temporarily removed from their Partnership Program.
The program allows YouTubers to make money from their content.
YouTube did not say how long his channel would be demonetised for.
A YouTube spokesperson said the company had applied their creator responsibility policy, which states: "If we see that a creator's on- and/or off-platform behaviour harms our users, community, employees or ecosystem, we may take action to protect the community."
This is the second company to re-evaluate its partnership with the influencer.
On Friday, Mr Charles and cosmetics company Morphe announced the end of their partnership.
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