Conversation

SBF
@SBF_FTX
1) We spend a while thinking and talking about what exciting places FTX can go. More on that next week. But it's just as important to think about our weaknesses.
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SBF
@SBF_FTX
3) No exchange is perfect; nothing is. But we try to keep tabs on which parts of FTX are frustrating the most people. Some of these are quick fixes; some are not. I think one of my bigger regrets is not addressing the larger ones sooner.
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SBF
@SBF_FTX
4) One good example is matching engine capacity. We've now made it months without ever hitting capacity, thanks to upgrades we made last quarter! But there were a few months where we bumped up against them, and we should have built out capacity sooner.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
5) Today, I want to talk about another painpoint with FTX: KYC time. KYC has never been instant, but for the most part it got done within a day or two. Recently, that's stretched out to as long as a week. (New account registrations are way up!) That's too long.
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SBF
@SBF_FTX
6) So the last month we've been rebuilding out system, so we can get your accounts up and running as soon as possible. And over the last few days we've rolled out the changes.
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SBF
@SBF_FTX
7) Some parts are pretty similar, because some parts where fine. It was a few specific pressure points that were eating up all the time. So we addressed those points. a) There is now an automated alternative to those stupid selfies b) Immediately info together on the back end
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SBF
@SBF_FTX
8) Some people will still take some time to KYC, based on where they fall in the KYC process and the quality of photos, etc. But now some people will be fast, cleared within an hour. Hopefully most people will be.
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SBF
@SBF_FTX
9) This should also help clear out the backlog of more complicated cases, allowing even those to move through the process quicker.
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