Telegram’s Wallet, a third-party crypto wallet bot, is tightening its Know Your Customer (KYC) procedures and transitioning to a new service provider. Starting May 29, users must provide additional personal information such as their name, phone number, and date of birth to access most features. These changes, effective June 3, mark a shift from the previous absence of KYC requirements.

The updated KYC protocols establish trading limits based on the level of user verification. At the "basic" level, which involves basic personal details, daily transactions are capped at 3,500 euros ($3,780) and monthly transactions at 35,000 euros ($37,800). Moving to the "extended" level, which requires national identification, raises the daily limit to 100,000 euros ($108,000) and the monthly limit to 1 million euros ($1.08 million). The "advanced" level eliminates all transaction limits but mandates a residential address. Notably, these changes do not affect TON Space, the wallet’s self-custody sub-wallet.

Alongside these adjustments, Telegram’s Wallet will be managed by a new service provider, WOT Global Solution, starting May 30, 2024. All user data, encompassing personal information, transaction history, and more, will be transferred to WOT Global Solution to enhance service quality. Operating as a custodial wallet, Telegram’s Wallet allows users to buy cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Toncoin (TON), though it entails users entrusting their assets to a third party rather than holding them directly. This custodial approach is aimed at simplifying the user onboarding process, as explained by Halil Mirakhmed, the Wallet’s chief operating officer.