Onboarding Friction for EU-based Prop Firms and Crypto
Anyone else finding the KYB process for some of the EU-based prop firms an absolute slog, especially when trying to link up crypto accounts or even just non-traditional bank accounts? I've been looking into a few options to diversify away from my primary broker and the difference in onboarding experience is stark. Some seem to have a fairly streamlined process, while others feel like they're still stuck in 2005 with manual document checks and prolonged verification times.
Specifically, it seems to be an issue when trying to establish proof of funds or address that doesn't fit their standard template. When you're dealing with P&L from $BTC or $ETH positions, getting that accepted as verifiable capital can be a real headache. Are others experiencing similar friction points, or have you found particular setups that are more amenable to these kinds of asset classes? It impacts time to market, which ultimately translates to missed opportunities.
I've definitely experienced this, especially with firms that haven't fully integrated crypto-specific compliance into their existing frameworks. It feels like they're trying to fit a square peg in a round hole sometimes, leading to a lot of back-and-forth for what should be straightforward verification.