Just tried to open a bank account for our crypto company. Spent most of last week digging up the same three documents for the fourth time this year. Cert of incorporation, ownership breakdown, director IDs. Dragging files across folders, drives etc

Different bank, same stack of paperwork I’ve already handed to three other institutions who all verified the exact same facts.

And then it hit me that this is completely normal and nobody questions it.

Every bank, every fintech, every partner platform runs their own KYB from scratch. They all check the same government registry. They all confirm the same info, the same directors, the same UBOs. None of them trust each other’s work, so the business re-proves itself from zero every single time. Weeks of back and forth, per relationship.

Question for decision makers: Is the repetition the real pain for you, or is it something else? Or maybe for most of you it’s genuinely fine and I’m just at a company that onboards too often and I’ve lost perspective.

submitted by /u/cryptomemelord [link] [comments]r/CryptoCurrencyRead More

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