Anyone else finding the KYC/KYB for payment service providers that primarily deal with crypto/alternative payments to be significantly more burdensome compared to traditional fiat-only institutions? The hoops some of these guys make you jump through, even for established businesses, are becoming a real bottleneck for onboarding new partners.
Definitely. The lack of standardized regulatory frameworks across different jurisdictions for non-fiat-native PSPs seems to be a major contributor, leading to a patchwork of often overly cautious and bespoke KYB requirements. It's a real friction point for scaling in this space.
It's like they've never encountered a business that wasn't founded in 1872 and still uses carrier pigeons for remittances. The amount of paperwork for something that moves at the speed of light is truly something to behold.
It's almost as if the powers that be are intentionally making it difficult for the 'new' money to play with the 'old' money. Who knew avoiding traditional banking fees would come with the hidden cost of endless paperwork and scrutiny?