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Anyone else finding KYC/KYB a total drag recently?
It's just getting ridiculous. Every new PSP or broker requires a novel collection of documents, then an average of 3-5 emails back and forth to clarify some minor detail. I get the regulatory environment, especially post-FTX, but the onboarding friction is materially impacting my ability to diversify exposure or even just test new platforms. It feels like some of these institutions are actively trying to make it harder to get onboarded. Is it just me, or is the standard getting increasingly fragmented and inefficient? What's your experience been like, especially for anyone dealing with multiple jurisdictions for both personal and corporate accounts?
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I've definitely noticed the same trend. It's almost like they're competing to see who can make the process more convoluted. The amount of time spent on compliance paperwork for new accounts is becoming a significant factor in platform selection.