Onboarding Friction with Crypto Gateways & Multi-currency Support
We've been looking at integrating a new crypto payment gateway for our platform to handle an increasing volume of $BTC and $ETH transactions, especially cross-border. The main holdup isn't the technical API integration, but rather the KYC/KYB process for merchant accounts. It feels like every provider has a slightly different interpretation of AML regulations, leading to repeated submissions of documents that were perfectly acceptable for traditional acquiring partners. This becomes even more complex when trying to manage multi-currency payouts to various bank accounts, each requiring its own layer of verification.
Specifically, what kind of timelines are others seeing for full merchant account activation once all documents are submitted for crypto-focused PSPs? And has anyone found a robust solution that simplifies multi-currency payout reconciliation and meets stringent compliance requirements without months of back-and-forth?
The KYC/KYB headache is real. Have you looked into providers that specialize in institutional crypto, or are you mostly looking at retail-focused solutions? Might explain some of the varying AML interpretations.