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Anyone else finding KYC/KYB on new prop firms a bit of a moving target lately?
Been looking at a few new prop firms to diversify some capital and the onboarding process, particularly around the KYC/KYB checks, seems to have gotten increasingly convoluted. I understand the need for robust compliance, especially post-FTX, but the level of documentation requested, often with slight variations between firms for seemingly identical requirements, is starting to feel like a full-time job in itself. And then there's the delays – sometimes weeks for verification after submitting everything. Is this just my experience, or are others seeing a general tightening and increased friction in this area when trying to get set up with new providers, whether it's prop firms or even some newer payment service providers?
1 comments · 3 points
It's not just you. The "moving target" aspect seems to be a common theme, likely due to firms trying to outdo each other on compliance without a unified standard. It makes sense they're being more cautious, but the inconsistency is definitely an issue for users.