Telegram’s Wallet, a third-party crypto wallet bot, is implementing stricter Know Your Customer (KYC) protocols and switching its service provider. As of May 29, users have been required to provide additional personal data to carry out certain transactions. These details include their name, phone number, and date of birth, and will be necessary to access all default features except withdrawals as of June 3. Previously, no KYC procedures were necessary to use Telegram’s Wallet.
The new KYC procedures set trading limits based on user verified information. The “basic” identification level, requiring only basic personal data, limits daily transactions to 3,500 euros ($3,780) and monthly transactions to 35,000 euros ($37,800). The “extended” level requires national identification and lifts the daily limit to 100,000 euros ($108,000) and the monthly limit to 1 million euros ($1.08 million). The “advanced” level removes all limits but requires a residential address. However, these changes will not affect TON Space, Wallet’s self-custody sub-wallet.
In addition to these measures, the telegram wallet will be managed by a different service provider, WOT Global Solution, from May 30, 2024. All user data, including names, addresses, phone numbers, transaction data, and any other user information, will be transferred to WOT Global Solution. These changes contribute to improving the quality of services provided to users. Hailed as a third-party Telegram bot, Telegram Wallet enables users to purchase cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Toncoin (TON).
Lastly, Telegram’s Wallet operates as a custodial wallet, which means users don’t directly own their assets but entrust them to a third party. This approach, according to Halil Mirakhmed, the Wallet’s chief operating officer, was preferred to simplify the onboarding of new users.