Home Editor's Pick Telegram Wallet’s KYC Changes: What Users Need to Know

Telegram Wallet’s KYC Changes: What Users Need to Know

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TLDR

Telegram Wallet is enforcing stricter KYC rules, requiring users to provide personal information such as name, phone number, and date of birth for most features, except withdrawals.
The wallet introduces a tiered KYC system with different transaction limits based on the level of identification provided by the user.
Telegram Wallet is changing its service provider to WOT Global Solution, and all user data will be transferred to the new company.
Users who do not agree with the changes must stop using the wallet, withdraw their balance, and delete their accounts by May 20.
Reactions to the new KYC requirements are mixed, with some users expressing concerns about privacy and centralization, while others see it as necessary for mass adoption and security.

Telegram Wallet has announced that it will enforce stricter Know Your Customer (KYC) rules and switch its service provider to WOT Global Solution.

Starting June 3, Telegram Wallet users will be required to provide personal information, including their name, phone number, and date of birth, to access most of the wallet’s features.

The only exception to this rule is withdrawals. The new KYC system introduces a tiered approach, with different transaction limits based on the level of identification provided by the user.

The official cryptocurrency wallet of Telegram system, Wallet, requires stricter KYC information, requiring name, date of birth and phone number. The announcement stated that from June 3, all functions except withdrawals will require updated account details. From May 30, 2024,…

— Wu Blockchain (@WuBlockchain) May 29, 2024

The “basic” identification level, which requires users to provide their personal information but no documentation, limits incoming crypto transactions to 3,500 euros ($3,780) per day and 35,000 euros ($37,800) per month.

Users who wish to increase their limits can opt for the “extended” version, which requires a national identification, or the “advanced” version, which also asks for a residential address.

In addition to the KYC changes, Telegram Wallet announced that its services will be provided by a new company, WOT Global Solution, starting from May 30, 2024.

As part of this transition, all user data, including personal information and transaction history, will be transferred to the new service provider.

Users who do not agree with this change were required to delete their Wallet accounts by May 20 to prevent their data from being transferred.

The reactions to these changes have been mixed within the Telegram Wallet community. Some users have expressed concerns about privacy and centralization, with comments suggesting that the move could lead to the demise of the wallet’s native token, TON.

Others, however, see the stricter KYC requirements as a necessary step towards mass adoption and increased security.

The debate highlights the ongoing tension between privacy and regulation in the cryptocurrency space.

While some users prioritize ease of use and anonymity, others recognize the importance of compliance and security measures to prevent illicit activities and protect users’ assets.

The post Telegram Wallet’s KYC Changes: What Users Need to Know appeared first on Blockonomi.

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