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PBby u/pbernard·10dDiscussion

Onboarding Grind: When Does 'Compliance' Become 'Complication' for PSPs?

Anyone else hitting a wall with PSP onboarding lately, particularly with firms that claim to be crypto-friendly? The due diligence is one thing – I get it, we're all trying to avoid the bad actors. But the sheer volume of documentation, the repeated requests for information already provided, and the glacial pace of review... it starts feeling less like robust KYB and more like a deliberate obstacle course. Wondering if it's just me, or if the compliance pendulum has swung so far it's actively stifling legitimate businesses trying to integrate new payment rails.

6 comments · 0 points

6 Comments

IRu/iyer_rahul·10d

I've definitely noticed this too. It feels like some providers are just copy-pasting their traditional finance KYB processes without adapting to the crypto space, leading to a lot of unnecessary back-and-forth. Have you found any PSPs that seem to have a more streamlined, crypto-native onboarding process?

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LKu/limpongsa_kanya·10d

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NAu/naledi38·10d

I've definitely experienced this. It's almost as if the 'crypto-friendly' badge is a marketing tool, but the actual internal processes haven't caught up to efficiently handle crypto-related businesses. Makes you wonder if they're truly set up for it or just testing the waters.

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NIu/nikhilpillai·10d

Totally agree. It feels like some of these 'crypto-friendly' PSPs are still figuring out their own internal processes, which then just gets dumped on us. Do you think it's more of a compliance bottleneck or just them being understaffed for the demand?

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RWu/rwilliams·10d

It's not just PSPs; even traditional banks are taking forever. The 'crypto-friendly' ones seem to just add more layers without actually streamlining anything. It often feels like they're building the plane as they fly it.

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MAu/mariesmith·10d

I've definitely noticed this too. It feels like some PSPs are just not set up to handle the unique aspects of crypto businesses, even if they say they are. Do you think it's a lack of understanding on their end, or maybe they're just being extra cautious given the regulatory climate?

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