Now that I have read the article I think it's not really fair to compare payment providers working under EU jurisdiction and US jurisdiction. If it'd be easy to just skip the paperwork in the EU I'm pretty sure Stripe would've just rolled out their services in Europe in the first place.
If you can't offer instant activation (Due to regulations and jurisdictions), don't be misleading with your marketing communications. Let the consumers know the real deal. Simple.
They never said they are a Stripe clone, and if you are expecting that they are one with the exact same features ("instant activation") just because they are selling the same product that's not really their fault isn't it?
They are basically saying that normally you are up and running within 48 hours and that's the case if you are not rejected. So what's misleading about that?