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Verification and compliance

Learn why Quppy and its providers request identity and transaction information, how source-of-funds reviews work and what can cause a transfer or exchange to be reviewed.

What is the crypto Travel Rule?

The crypto Travel Rule is a regulatory requirement for crypto-asset service providers to collect, verify where required, transmit and retain information about the originator and beneficiary of a crypto transfer. In the European Union, Regulation (EU) 2023/1113 applies to covered crypto transfers from 30 December 2024. It can require Quppy’s applicable provider to ask who is sending or receiving crypto, which provider or self-hosted address is involved, and in some cases for evidence of wallet ownership or control.

Why am I being asked about source of funds?

A source-of-funds check helps Quppy or the applicable service provider understand where the fiat money or crypto used for a particular transaction or account activity came from and whether that origin is consistent with the customer profile and lawful use of the service. The check can be requested during onboarding or later and can require an explanation supported by documents or blockchain evidence.

Why am I being asked about source of wealth?

A source-of-wealth check helps Quppy or the applicable service provider understand how a customer accumulated their overall financial position over time. It can be required for enhanced due diligence, a high-value or complex relationship, a politically exposed person review, a Business ownership review, or activity that needs more context. The request is risk-based and does not automatically mean that the customer is suspected of wrongdoing.

Why am I being asked to verify again?

You may be asked to verify again when an identity document expires, your personal or business information changes, a different service or provider is activated, an account is recovered, or a periodic or risk-based review requires current evidence. Reverification is a normal compliance and security process and does not by itself mean that Quppy suspects wrongdoing.

Why can a Quppy transaction be delayed or rejected?

A Quppy transaction can be delayed, placed under review, returned or rejected because of payment-route rules, blockchain confirmations, incorrect details, security controls, transaction limits, provider availability, sanctions or AML/CFT checks, Travel Rule information, source-of-funds questions, or a technical incident. A pending or rejected status does not identify one specific cause, and Quppy may be legally unable to disclose every internal risk indicator.

Why do I need to provide information about an external wallet?

Quppy or the applicable crypto-service provider may ask for information about an external wallet to identify the sender or beneficiary, determine whether the address is self-hosted or managed by another provider, comply with the Travel Rule, assess sanctions and AML/CFT risk, and confirm that the asset and network are supported. The request can apply to deposits and withdrawals and never requires you to disclose a private key or seed phrase.

Why does Quppy require identity verification?

Quppy and the service providers available through it may require identity verification to confirm who is using an account, determine eligibility, meet legal and regulatory obligations, prevent fraud and financial crime, and apply the correct regional service configuration. The information requested depends on the product, country, provider and risk profile. Completing verification does not guarantee that every Quppy service will be approved or available.