In a recent move to strengthen its security and compliance, Telegram Wallet has introduced new Know Your Customer (KYC) requirements for its users. This update aims to enhance the wallet's services by ensuring that users are properly identified and verified. Here's what you need to know to stay ahead of the changes.

Telegram Wallet KYC Update: What You Need to Know

The new KYC requirements are tiered, with varying limits on service provision based on the level of identification provided. The basic level requires no documentation and limits user transactions to 3,500 euros daily and 35,000 euros monthly. The extended level requires additional provision of national identification details and allows for higher transaction limits. The advanced level completely removes daily, monthly, and card transaction limits but requires users to provide residential addresses.

How the Update Impacts You

To continue using Telegram Wallet's services, users must take extra measures. Here are the steps to make your migration easier:

1. Understand Which KYC Level is Suitable for You: Determine which level of service you need based on your transaction requirements.

2. Provide Necessary Information: If you opt for the extended or advanced level, you will need to provide personal information such as name, phone number, birth details, national identification, residential address, and other relevant information.

3. Complete all Registration Before Deadline: Ensure that all Telegram Wallet features except withdrawals are updated with the new KYC demands before June 3, 2024.

Telegram Wallet Taps New Provider

Accompanying the KYC update is a switch from the firm's previous wallet provider. Telegram Wallet announced that starting May 30, 2024, its services will be provided by WOT Global Solution Ltd. This change will see the transfer of all user personal data to WOT Global Solution Ltd, including name, address, phone number, transaction data, and other information that may have been provided during users' use of the wallet service.

Users Who Do Not Wish to Transfer Data

If you do not wish for your data to be transferred, you must cease the use of Wallet, withdraw any left funds, and delete accounts. Failure to do so by May 20, 2024, according to the platform, will automatically result in the onboarding of all user information to the new service provider.

Why This Matters

It is crucial for Telegram Wallet users to comply with the new KYC requirements to maintain access to the platform and its services. The update aims to enhance the wallet's security and compliance, ensuring that users are properly identified and verified.