Telegram's third-party cryptocurrency wallet bot, known as Wallet, has implemented significant alterations to bolster user security and regulatory adherence. Among the key changes is the enforcement of stricter Know Your Customer (KYC) protocols, alongside a transition to a new service provider, WOT Global Solution.

The announcement, made on May 29, mandates all users to update their personal information to continue accessing certain features. Effective June 3, updated account details such as name, phone number, and date of birth will be required for all default functions except withdrawals.

Previously, users could utilize Telegram's Wallet without completing any KYC requirements. The new system, however, introduces a three-tier KYC structure to enhance security and compliance measures.

The basic identification level mandates minimal information and limits daily crypto transactions to €3,500 ($3,780) and monthly transactions to €35,000 ($37,800), without requiring documentation. The extended level necessitates national identification submission, allowing for higher transaction limits of up to €100,000 ($108,000) daily and €1 million ($1.08 million) monthly. The advanced level requires users to provide their residential address to remove transaction limits.

Transaction limits may vary by country due to local exchange rates. Moreover, significant thresholds are placed on card purchases and peer-to-peer transactions, though TON Space, Wallet's self-custody sub-wallet, remains unaffected.

In conjunction with the KYC updates, Wallet is shifting its services to WOT Global Solution starting May 30, 2024. As part of this transition, user data, including names, addresses, phone numbers, and transaction details, will be transferred to the new provider. Users who opted out of data transfer had until May 20 to delete their Wallet accounts.

These adjustments reflect Wallet's commitment to enhancing security, regulatory compliance, and userTelegram's third-party cryptocurrency wallet bot, known as Wallet, has implemented significant alterations to bolster user security and regulatory adherence. Among the key changes is the enforcement of stricter Know Your Customer (KYC) protocols, alongside a transition to a new service provider, WOT Global Solution.

The announcement, made on May 29, mandates all users to update their personal information to continue accessing certain features. Effective June 3, updated account details such as name, phone number, and date of birth will be required for all default functions except withdrawals.

Previously, users could utilize Telegram's Wallet without completing any KYC requirements. The new system, however, introduces a three-tier KYC structure to enhance security and compliance measures.

The basic identification level mandates minimal information and limits daily crypto transactions to €3,500 ($3,780) and monthly transactions to €35,000 ($37,800), without requiring documentation. The extended level necessitates national identification submission, allowing for higher transaction limits of up to €100,000 ($108,000) daily and €1 million ($1.08 million) monthly. The advanced level requires users to provide their residential address to remove transaction limits.

Transaction limits may vary by country due to local exchange rates. Moreover, significant thresholds are placed on card purchases and peer-to-peer transactions, though TON Space, Wallet's self-custody sub-wallet, remains unaffected.

In conjunction with the KYC updates, Wallet is shifting its services to WOT Global Solution starting May 30, 2024. As part of this transition, user data, including names, addresses, phone numbers, and transaction details, will be transferred to the new provider. Users who opted out of data transfer had until May 20 to delete their Wallet accounts.

These adjustments reflect Wallet's commitment to enhancing security, regulatory compliance, and user experience. experience.