IShowSpeed Not Banned From YouTube After Exposing Penis On Stream

IShowSpeed can breathe a sigh of relief after he accidentally exposed his penis in front of thousands of live stream viewers on Wednesday -- TMZ Sports has learned the popular gamer is NOT banned from posting on YouTube following the incident.

As we previously reported, Speed exposed himself while playing "Five Nights at Freddy's" -- which appeared to be a genuine wardrobe malfunction as he reacted to a big moment in the game.

The internet superstar was horrified after his junk was shown on camera ... repeatedly saying, "Oh my God" and abruptly ending the stream.

We reached out to YouTube on the matter ... and we're told Speed did, in fact, remove the upload from his page following the mishap.

While the video did violate the platform's policies against explicit content, we're told Speed is good to continue to upload to YouTube moving forward.

Of course, anything Speed posts in the future will also be subject to the platform's community guidelines ... but it seems the company is forgiving when it comes to honest mistakes.

Speed -- real name Darren Watkins -- has gone radio silent following the incident ... but given this news, he may be back sooner than later.