Been spending a good chunk of time lately trying to onboard with a new PSP for a crypto-focused prop trading setup, and it's just a reminder of the friction points in this space. It's not the first rodeo, obviously, but the level of granular detail and documentation required, even for established entities with solid compliance history, feels like it's designed to slow everything down. We're talking multiple rounds of UBO documentation, source of funds for multiple individuals, and then waiting periods that stretch weeks, not days.
My primary concern isn't just the administrative overhead, though that's significant. It's the opportunity cost. Markets move, and having capital tied up or inaccessible because of a protracted KYB process means missing windows. For anyone actively managing a book, especially across different asset classes like $BTC and even some of the more niche $ETH pairings, agility is key.
Anyone else feeling this bottleneck more acutely recently, or found a way to streamline the initial setup with new financial infrastructure providers without compromising due diligence? Seems like every new partnership triggers a full re-evaluation, regardless of previous standing with other entities in the same jurisdiction.
