Telegram Wallet Introduces Stricter KYC Rules – The Defiant

The popular cryptocurrency Wallet bot on Telegram is implementing stricter Know Your Customer (KYC) rules.

A Telegram Wallet is a third-party cryptocurrency wallet integrated with Telegram, enabling users to buy, store, and manage cryptocurrencies like Bitcoin, Ether, and Toncoin. It operates as a custodial wallet, meaning a centralized entity holds users’ assets.

The change comes as Wallet changes its service provider. This transition means all user data, including names, addresses, phone numbers, and transaction records, will be moved to WOT Global Solution.

“This transfer will include all data you provided to us and information collected while you were using Wallet in accordance with the Privacy Policy,” the notice said.

Starting June 3, users must provide their name, phone number, and date of birth to utilize most of Wallet’s features. Withdrawals will still be possible without KYC.

Previously, users could access Wallet’s default features without completing KYC procedures. The new system introduces three verification levels, each with different requirements and transaction limits.

The basic level does not require documentation but does ask for a user’s full name, date of birth, and phone number. This level permits incoming transactions of up to $3,780 per day and $37,800 per month. The extended level requires a national ID, allowing transactions of up to $108,000 daily and $1.08 million monthly.

Finally, the advanced level requires both an identity document and proof of residential address, and removes limits on fund transfers. Wallet has clarified that these limits may change based on local exchange rates.

The company explained, “This change is part of our ongoing efforts to provide better quality services to you.” Users had until May 20 to delete their Wallet accounts if they did not want their data transferred to the new provider.