Telegram’s Wallet Implements Stricter KYC Rules and Changes Service Provider
Telegram’s Wallet, a popular third-party cryptocurrency wallet bot on the Telegram messenger platform, is making significant changes that will impact its users. The wallet has announced stricter Know Your Customer (KYC) rules and a change in its service provider, which will affect how users interact with the platform.
On May 29, Telegram’s Wallet informed users about updates to its KYC system, requiring additional personal information for certain transactions. Users will now have to disclose their name, phone number, and date of birth to access all of the wallet’s default features, except for withdrawals. These changes are set to take effect on June 3, with the aim of enhancing security and compliance measures.
The new KYC system introduces three tiers of identification levels for users. The basic level requires minimal information and limits transactions to 3,500 euros per day and 35,000 euros per month. The extended and advanced levels offer higher transaction limits but require additional personal information, such as national identification and residential address.
In addition to the KYC updates, Telegram’s Wallet also announced a change in its service provider. Starting from May 30, 2024, Wallet services will be provided by WOT Global Solution. User data, including name, address, phone number, and transaction data, will be transferred to the new service provider. Users who wish to prevent data transfer to WOT Global should have deleted their Wallet accounts by May 20.
Telegram’s Wallet is a custodial wallet, meaning users do not directly own their assets but entrust them to a third party. This model allows for limits on transactions and the implementation of KYC measures. The wallet offers users the ability to buy cryptocurrencies like Bitcoin, Ether, and Toncoin, a coin initially created by Telegram.
The changes to Telegram’s Wallet reflect the company’s commitment to providing better quality services and enhancing user security. As the cryptocurrency landscape continues to evolve, platforms like Telegram’s Wallet are adapting to meet regulatory requirements and ensure a safe and compliant user experience.
