The cryptocurrency wallet bot on Telegram, known simply as Wallet, is undergoing significant modifications, including tightening its Know Your Customer (KYC) regulations and switching service providers. This change was communicated to users on May 29, when Wallet announced updates demanding additional personal data for certain types of transactions.
Users must soon provide essential details such as their name, phone number, and date of birth to fully utilize the Wallet’s standard features. Notably, these requirements exclude withdrawals. Beginning June 3, users will need to update their accounts to access all features except for withdrawing funds, according to the announcement shared by Wallet.
Before these changes, Telegram’s Wallet did not necessitate any KYC verification for users to access its services. The introduction of KYC protocols marks a considerable shift in how users will experience Wallet on Telegram. This new system comes with three levels of KYC verification, each offering different transaction limits.
At the most basic level, users will need to submit minimal information. This level places a cap on incoming crypto transactions at 3,500 euros per day and 35,000 euros per month. These figures are approximations and may vary depending on local exchange rates. No documentation is required for this tier of identification.
For those seeking higher transaction limits, the “extended” KYC level is available, which requires users to provide a national identification document. This level allows for transactions up to 100,000 euros daily and 1 million euros monthly. The highest tier, the “advanced” level, demands disclosure of the user’s residential address but removes any upper limit on the amount transferable.
There are stringent limits on both card and peer-to-peer purchases using Wallet. It’s important to note that these KYC changes do not affect TON Space, Wallet’s self-custody sub-wallet designed for decentralized swaps and non-fungible token (NFT) transfers.
Simultaneously, Telegram announced that Wallet will now be operated by a new service provider. Effective May 30, 2024, WOT Global Solution will take over the service responsibilities. As a result, all user data—names, addresses, phone numbers, transaction history, and any other information held by Wallet—will be transferred to this new provider.
Users who did not wish to have their data transferred to WOT Global Solution were advised to delete their Wallet accounts by May 20. This step is part of an effort to improve the quality of service offered to users, according to Wallet’s statement.
Telegram’s Wallet functions through a third-party bot that facilitates the purchase of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Toncoin (TON), the latter of which is a digital currency initially developed by Telegram. The custodial nature of Wallet means that users entrust a third party to hold their crypto assets, unlike self-custodial wallets like MetaMask, Trezor, or Ledger, where users have direct ownership of their assets without any imposed limits or KYC requirements.
In November 2023, Wallet’s Chief Operating Officer Halil Mirakhmed mentioned that opting for a custodial solution made the onboarding process simpler for new users. This strategic decision reflects the company’s broader goal of making cryptocurrency more accessible.
Attempts to get a comment from Telegram’s Wallet regarding these updates were unsuccessful, as there was no response by the time of publication. This evolving situation signals a pivotal moment for Telegram’s Wallet and its user community, with significant implications for privacy and usability.
The switch to WOT Global Solution and the transfer of personal data sounds sketchy. Count me out.
New provider, new standards! Excited to see the enhanced services from WOT Global Solution. 🌍🚀
Forcing KYC for basic features is a massive downside. Telegram Wallet used to be easy to use. Now it’s just a hassle.
More bureaucracy just to use my own crypto? Thanks, but no thanks. This is going to push users away.
This kind of change undermines user privacy. Forcing KYC isn’t the solution, Telegram.
The updates will improve trust and reliability. Brilliant move by Telegram Wallet! 🌟🔏
Excited for the future of Telegram Wallet with these new KYC enhancements.
Impressive move! More security means we can focus on what really matters. 🌟🔥
Fantastic news! Feeling safer knowing Telegram Wallet is ramping up security.
What happened to keeping things simple? Adding all these KYC levels is just annoying and excessive.
This is a complete invasion of privacy! Why should I have to submit personal details for basic crypto transactions? Not cool, Telegram.
Loving the transparency and the new KYC tiers. Safe crypto environment, here we come! 🌟📈
Happy to see the Wallet team making important updates for our safety. Keep it up! 👏✨
Kudos to Telegram Wallet for these improvements! Transparency and security are the way forward.
This is fantastic news! KYC may be a hassle, but it’s a crucial step toward better security and compliance.
Impressed by these changes. Always good to see a platform prioritizing user safety! 🎉🔏
Seriously? Tightening KYC regulations just makes it harder for users who value their privacy. Bad move, Telegram.
This KYC update is a dealbreaker for me. Losing trust in Telegram Wallet fast.
Passing our data to a new provider without proper user consultation? Feels like a violation of trust.
Updates? More like downgrades. New regulations and service switch just add layers of unnecessary complexity.
A necessary change for better securitygood job, Wallet team!
Change can be challenging, but these updates are crucial for a safer experience!
New KYC protocols are a game-changer! Well done, Wallet team!
Not requiring KYC was the main draw. Now it just feels like they’re selling out. Might be time to delete my account.
Change is always good when it’s for better security. Happy with the updates! 🙏🔐
The announcement about data transfer to a new provider is absolutely worrying. I don’t want my data floating around!
Big thumbs up for these changes! Security first always.
The new KYC regulations are a positive step towards security. Well done, Wallet!