- Telegram Wallet introduces stricter KYC rules, requiring users to provide personal information like name, phone number, and date of birth to access most features except withdrawals.
- Telegram Wallet switches its service provider to WOT Global Solution, transferring all user data to the new company unless accounts were deleted by May 20.
- The new KYC system has three tiers with varying transaction limits based on the level of identification provided, from basic (up to €3,500 daily) to advanced (no upper limit).
On May 29th, Telegram’s Wallet notified users about several updates to its KYC system that will require additional personal information to conduct certain transactions. According to the announcement, users will need to provide their name, phone number, and date of birth to utilize all default features except for withdrawals.
New KYC Rules
Starting June 3rd, all features except withdrawals will mandate updated account details, per Wallet’s notice. Before this update, users did not have to complete any KYC to use Telegram’s Wallet by default.
With the change, users will need to pass at least basic identification to get the starter level. This caps incoming crypto transactions at 3,500 euros ($3,780) per day and 35,000 euros ($37,800) per month. The starter level does not require documentation.
The next tier, the extended version, asks for national ID to unlock higher 100,000 euro ($108,000) daily and 1 million euro ($1.08 million) monthly limits.
Those wanting no upper limit must provide their address to get the advanced version.
Significant restrictions are also placed on card and peer-to-peer purchases. The changes do not impact TON Space, Wallet’s self-custody offering.
New Service Provider
In addition to the KYC adjustments, Telegram’s Wallet announced its services will soon be handled by a new company.
Starting May 30th, 2024, Wallet services will be provided by WOT Global Solution. All user data will transfer to WOT Global following the change. To prevent the data transfer, accounts should have been deleted by May 20th.
According to the announcement, “This change is part of our ongoing efforts to provide better quality services to you.”
Conclusion
The updates to Telegram’s Wallet, including stricter KYC rules and a new service provider, mark a new era for the crypto wallet bot. Users will have to provide more personal information to utilize key features going forward. However, the self-custody TON Space wallet remains unchanged. It remains to be seen how these alterations will impact Telegram Wallet’s user experience and adoption.
