Is Quppy a bank, and is it safe to use?

Payment-account, transfer, custody and crypto-exchange services available through Quppy are provided by the applicable service providers identified for the user’s country and product.

Why Quppy uses terms such as “account” and “IBAN”

Terms such as personal account, business payment account, multicurrency IBAN and account details describe product functionality. They do not mean that Quppy is a deposit-taking bank.

An IBAN is an identifier used for supported payment services. The institution issuing the account details, the entity holding or safeguarding funds and the entity executing a payment may be different from Quppy and may differ by service configuration.

What Quppy does

Quppy:

• develops and provides the Quppy software and interface;
• connects users with the services available for their account;
• shows balances, transaction status and service information;
• provides support for the Quppy interface and coordinates with providers where appropriate.

What Quppy does not claim to do

Quppy does not claim to:

• take deposits as a bank;
• provide deposit insurance;
• hold every customer’s fiat funds itself;
• hold a MiCA authorisation in its own name;
• perform every regulated payment or crypto service directly.

Who provides the underlying services?

Current Quppy Terms name:

• 2PAYAPP LIMITED as the current euro-based SEPA processing partner;
• Payhound Limited as the crypto exchange and wallet provider for applicable crypto services.

The exact provider for a specific payment rail, account detail, custody arrangement or jurisdiction must be shown in the applicable customer agreement, activation flow and country/service page.

Is Quppy safe to use?

It depends on what you mean by safe, so here is what Quppy does and does not offer. Quppy is not a bank: it does not claim to take deposits as a bank or to provide deposit insurance. Regulated services are performed by named providers: 2PAYAPP LIMITED for euro SEPA processing, and Payhound Limited, a Crypto-Asset Service Provider authorised under MiCA by the Malta Financial Services Authority, for applicable crypto services in the EEA. You can check a provider on the official register.

Your account is protected by PIN protection, biometric login on supported devices, two-factor authentication, transaction confirmation and new-device confirmation. Quppy Support will never ask for your password, PIN, 2FA code, private key or seed phrase.

No security control removes every risk. Crypto-assets can lose value, and blockchain transfers normally cannot be reversed. Read how Quppy protects your account.

Does a regulatory registration make a provider a bank?

No. For example, 2PAYAPP LIMITED is registered with FINTRAC as a Canadian Money Services Business. That registration is not a banking licence and does not constitute an endorsement by FINTRAC.