Telegram's Wallet, a third-party cryptocurrency wallet bot, is implementing stricter Know Your Customer (KYC) protocols and changing its service provider. Starting May 29, users must provide additional personal information for specific transactions. This includes their name, phone number, and date of birth, which will be mandatory for accessing all default features except withdrawals from June 3 onwards. Previously, no KYC procedures were required to use Telegram's Wallet.

The updated KYC procedures establish trading limits based on verified user information. The "basic" level, requiring only essential personal data, limits daily transactions to €3,500 ($3,780) and monthly transactions to €35,000 ($37,800). The "extended" level, which demands national identification, raises the daily limit to €100,000 ($108,000) and the monthly limit to €1 million ($1.08 million). The "advanced" level removes all limits but mandates a residential address. However, these changes do not impact TON Space, Wallet's self-custody sub-wallet.

Additionally, Telegram's Wallet will be managed by a different service provider, WOT Global Solution, effective May 30, 2024. All user data, encompassing names, addresses, phone numbers, transaction records, and any other user information, will be transferred to WOT Global Solution. These adjustments aim to enhance the quality of services provided to users. Telegram Wallet, celebrated as a third-party Telegram bot, allows users to buy cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Toncoin (TON).

Lastly, Telegram's Wallet functions as a custodial wallet, meaning users do not directly possess their assets but entrust them to a third party. Halil Mirakhmed, the Wallet's chief operating officer, noted that this approach was chosen to streamline the onboarding process for new users.