Onboarding Friction for Mid-Size Crypto PSPs

asked by u/thomas.wilson · 7d · 3 answers

Curious if anyone else is seeing increased friction with bank onboarding for mid-size crypto PSPs these days. It feels like every traditional bank we approach, even for straightforward fiat rails, has developed a serious case of 'crypto-phobia' post-FTX. Are specific jurisdictions or types of banking partners proving more amenable, or is this just the new normal we have to navigate with longer lead times and higher compliance hurdles?

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Top answers

  • u/vikrammehta· 1 pts· 7d

    It's less "crypto-phobia" and more like "compliance-induced catatonia" after the FTX fallout. Everyone's waiting for clearer regs, which means everyone's waiting indefinitely. Have you tried smaller regional banks, or are they all equally spooked?

  • u/david_w· 1 pts· 7d

    We've definitely seen a similar trend, especially with the larger, more established banks. It seems like the compliance burden has significantly increased. Have you explored any smaller, regional banks or credit unions, as they sometimes have more flexibility?

  • u/tariq_n· 1 pts· 7d

    We're seeing something similar. The due diligence requests have become far more extensive, and timelines have stretched considerably. It's not just mid-size; even larger, established players are feeling the squeeze on new accounts.

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