Telegram Wallet, a popular third-party cryptocurrency wallet bot on Telegram messenger, is implementing significant changes, including stricter Know Your Customer (KYC) rules and a switch in service providers.
On May 29, Telegram’s Wallet notified users about upcoming updates to its KYC system, which will now require more personal information for certain transactions.
According to an announcement Wallet users will need to provide their name, phone number, and date of birth to use most of the wallet’s features, except for withdrawals.
“Starting June 3, all features except withdrawals will require updated account details,” the announcement states.
Previously, users could access Telegram’s Wallet without completing any KYC. However, the new system introduces three tiers of identification:
- Basic Identification: Users need to provide some personal information but no documentation. This level limits incoming crypto transactions to 3,500 euros ($3,780) per day and 35,000 euros ($37,800) per month, with limits varying by country and exchange rates.
- Extended Identification: Requires national identification and allows transactions up to 100,000 euros ($108,000) daily and 1 million euros ($1.08 million) monthly.
- Advanced Identification: Users must provide their residential address, removing any upper limit on the amount of funds that can be transferred.
Significant restrictions are also imposed on card purchases and peer-to-peer purchases. However, these changes do not affect TON Space, Wallet’s self-custody sub-wallet that supports decentralized swaps and NFT transfers.
Additionally, Telegram’s Wallet announced a change in service providers. Starting from May 30, 2024, Wallet services will be managed by WOT Global Solution. All user data, including names, addresses, phone numbers, and transaction data, will be transferred to WOT Global Solution.
Users who wished to prevent their data from being transferred had to delete their Wallet accounts by May 20.
“This change is part of our ongoing efforts to provide better quality services to you,” the firm stated.
Summary Review: These updates reflect Telegram Wallet’s commitment to enhancing security and compliance while continuing to offer robust cryptocurrency services.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
