Telegram’s third-party crypto wallet bot, known as Wallet, has updated its features to improve user security and compliance. Key changes include stricter Know Your Customer (KYC) rules and a switch to a new service provider, WOT Global Solution.

Wallet announced on May 29 that users must update their personal information before certain transactions can be made. Starting June 3, the new KYC requirements will be enforced, requiring users to provide their name, phone number, and date of birth for all default features except withdrawals.

Telegram’s Wallet Implements Three-Tier KYC System

The new KYC system is a major departure from Wallet's previous operations, which did not require any KYC by default. The updated system includes three levels of identification to enhance security and compliance.

The basic identification level requires minimal information and limits incoming crypto transactions to €3,500 ($3,780) per day and €35,000 ($37,800) per month, with no documentation needed.

The extended identification level requires users to submit national identification, allowing transactions up to €100,000 ($108,000) daily and €1 million ($1.08 million) monthly.

The advanced identification level requires users to provide their residential address, removing the upper limit on fund transfers.

Transaction limits will vary by country, and significant thresholds are set for card purchases and peer-to-peer transactions. However, these changes will not affect TON Space, Wallet’s self-custody sub-wallet.

Switch to New Service Provider

In addition to the new KYC rules, Wallet will transition to WOT Global Solution as its new service provider starting May 30, 2024. All user data, including names, addresses, phone numbers, and transaction details, will be transferred to WOT Global Solution. Users wishing to prevent their data from being transferred needed to delete their Wallet accounts by May 20. Wallet stated:

“This change is part of our ongoing efforts to provide better quality services to you.”

These updates aim to enhance security and regulatory compliance, ensuring a safer and more reliable user experience.