Telegram Wallet, the popular third-party cryptocurrency wallet bot on Telegram messenger, has announced significant updates, including stricter Know Your Customer (KYC) rules and a change in its service provider. These changes mark a pivotal shift in the user experience and operational framework of Telegram Wallet, impacting how users interact with the platform and manage their crypto assets.
Discover how Telegram Wallet's new KYC rules and service provider changes are reshaping the user experience. Learn about the updated identification tiers and their implications for crypto transactions.
Key Points:
KYC Rule Implementation:
Telegram Wallet now requires users to provide personal information, including name, phone number, and date of birth, for all transactions except withdrawals.
The new KYC system introduces three tiers of identification: basic, extended, and advanced, each with varying transaction limits and documentation requirements.
Identification Tiers:
Basic Tier: Allows incoming transactions up to €3,500 daily and €35,000 monthly without documentation.
Extended Tier: Requires national identification, with limits up to €100,000 daily and €1 million monthly.
Advanced Tier: Requires residential address, removing the upper limit on transaction amounts.
Service Provider Change:
Starting May 30, 2024, Wallet services will be provided by WOT Global Solution.
User data, including names, addresses, phone numbers, and transaction data, will be transferred to the new provider.
Implications for Users:
Users must comply with the new KYC rules to access most features, impacting how they manage and transact with their crypto assets.
The changes do not apply to TON Space, a self-custody sub-wallet for decentralized swaps and NFT transfers.
Custodial vs. Self-Custodial Wallets:
Telegram Wallet operates as a custodial wallet, meaning users entrust their crypto assets to a third party, unlike self-custodial wallets like MetaMask or Ledger, which allow users to hold assets directly without KYC requirements.
Telegram Wallet's enforcement of stricter KYC rules and the transition to a new service provider marks a significant shift in the platform's operations. While these changes aim to enhance security and compliance, they also introduce new challenges for users accustomed to minimal identification requirements. As the crypto industry evolves, platforms like Telegram Wallet must balance regulatory demands with user experience, striving to provide secure yet accessible services.
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Source: Cointelegraph
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