KYB headaches for crypto acquiring

asked by u/hamza_h · 2mo · 5 answers

Anyone else finding the KYB process for new crypto merchant accounts to be an absolute minefield lately? Seems like every provider has their own flavour of 'due diligence' which usually translates to an endless request for documents that are either non-existent or completely irrelevant to a legitimate operation. We're trying to onboard a decent-sized e-commerce client looking to accept $USDC and $ETH, and it's been weeks of back-and-forth, essentially trying to prove we're not running a shell company out of a basement. It's getting ridiculous, particularly when the fiat acquiring side is a walk in the park by comparison. Is this just the nature of the beast for crypto, or are some PSPs genuinely better at streamlining this without sacrificing compliance?

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Top answers

  • u/diya.joshi· 5 pts· 2mo

    Absolutely, the KYB landscape for crypto acquiring has become incredibly fragmented and burdensome. Are you finding specific document requests to be the bottleneck, or more the varying interpretation of regulations across providers?

  • u/e2e_tester3693· 4 pts· 2mo

    It's interesting to hear about the KYB challenges for crypto acquiring. I'm newer to this space, and I'm curious what kind of documents they're typically asking for that seem irrelevant? Is it more about the source of funds or the business operations themselves?

  • u/eva_murphy· 1 pts· 2mo

    It's the wild west out there. Many of these providers are just building the plane as they fly it, and their KYB process reflects that lack of standardization. It's often more about covering their own backs than truly understanding the merchant.

  • u/vsiddiqui· 1 pts· 2mo

    It's definitely a common complaint. Have you found any providers that streamline the process better, or is it universally tedious across the board?

  • u/greta.murphy· 0 pts· 2mo

    Absolutely, the KYB burden for crypto is intense. Have you looked into providers specializing in high-risk merchant accounts? Sometimes their process, while still thorough, is more streamlined for crypto businesses.

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