Police alleged May, 22, filmed a sexual act with a woman at Coffs Harbour in February last year as well as with another woman at Kingswood in western Sydney in May.
The 22-year-old was today charged with filming two women without their consent last year and disseminating those videos without their permission.
The Panthers said May would deny the allegations when he faced court in May and believed a player at a different club leaked the footage.
Authorities were told the sex acts were consensual but the women were unaware they were being filmed and the footage was being shared without their permission.
The videos were leaked late last week, the day after NRL chief executive Todd Greenberg and Australian Rugby League Commission (ARLC) boss Peter Beattie announced a crackdown on poor player behaviour.
It is understood the women saw the videos and contacted the police.
The five-eighth was charged with two counts of intentionally recording an intimate image without consent and disseminating image without consent.
The Panthers said they were bracing for more videos to be released, but denied May was responsible for making the videos public.
"We are aware of the charges, I have spoken to Tyrone May and he will vigourously deny the charges," the club's chief executive, Brian Fletcher, said.
The Panthers believe a player at another club released the videos and contacted the NRL Integrity Unit. The player is expected to be interviewed today.
May met with the integrity unit on Sunday and yesterday Mr Greenberg said the incident was a reminder for players to be "very careful" around videos and phones.
"If it is stupidity and juvenile behaviour we'll deal with it with a sanction," Mr Greenberg said.
Police issue warning to those who share video
Detective Superintendent Brett McFadden appealed to the public to stop all attempts to identify the victims.
"This is a serious breach of the privacy and rights of our victims, the difficulty is compounded through social media trolling," he said.
"They've been innocently and unreasonably implicated in these matters, causing distress and discomfort."
Mr McFadden said what was on the footage was immaterial.
The ARLC announced last week it would stand down players facing "serious indictable offences" - defined as something with a maximum jail term of 11 years or more.
If a player is charged with an offence that carries a maximum penalty of less than 11 years behind bars, club chief executives will have the power to stand a player down where the alleged offence involves women or children.
May has been granted conditional bail and will face court in May.