Telegram's third-party cryptocurrency wallet app, Wallet, is implementing significant changes, including stricter Know Your Customer (KYC) requirements and a new service provider. Starting June 3, users must provide their name, phone number, and date of birth to access most wallet features, except withdrawals. The updated KYC system introduces three tiers:

1. Basic Level: Requires minimal personal information and allows up to 3,500 euros in daily transactions and 35,000 euros monthly.
2. Extended Level: Requires national identification for higher transaction limits of up to 100,000 euros daily and 1 million euros monthly.
3. Advanced Level: Requires a residential address for unlimited transactions.

Additionally, starting May 30, 2024, Wallet services will be provided by WOT Global Solution, a subsidiary of The Open Platform (TOP). User data, including name, address, and transaction history, will be transferred to this new provider. To avoid data transfer, users needed to delete their Wallet accounts by May 20.

These changes aim to enhance service quality and ease the onboarding process by operating as a custodial wallet, where a third party holds users' assets, as opposed to self-custodial wallets like MetaMask or Ledger, which allow direct asset ownership without KYC requirements.