Temporary Suspension of Telegram’s In-App Crypto Wallet in the UK 🚫
Telegram has announced that its in-app wallet functionality will be paused for users located in the United Kingdom. This decision aligns with the company’s aims to register with the UK Financial Conduct Authority (FCA) as an official cryptocurrency asset provider and to secure the required licenses. During this transitional phase, individuals will have the capability to transfer their assets to external crypto wallets without any fees.
Telegram’s Wallet Function Suspended for Regulatory Compliance 🔄
The in-app wallet capability on Telegram is currently unavailable for users in the UK.
Telegram Wallet will suspend the in-app wallet function for UK residents until it registers with the UK Financial Conduct Authority as a crypto asset provider and obtains relevant licenses. Users can transfer funds to external wallets for free during this period.…
— Wu Blockchain (@WuBlockchain) September 26, 2024
The in-app wallet feature will remain inactive for UK users until the necessary registration and licensing with the FCA is completed. Users can freely transfer their funds to external wallets while this occurs.
Essentially, this company-backed decision aims to comply with UK financial regulations by registering with the FCA as a cryptocurrency service provider and obtaining essential operating licenses. Therefore, the suspension for UK users is anticipated to be temporary.
Throughout this hiatus, users in the UK will still be able to transfer their crypto assets to external wallets without any charges.
Clarification: Telegram’s Wallet Suspension Unrelated to CEO Incident 📰
It is crucial to emphasize that the wallet functionality within Telegram is operated by a separate entity from Telegram itself. Thus, its decision to approach the FCA is an independent choice and is not connected to the recent legal issues faced by Pavel Durov, the CEO of Telegram.
Pavel Durov faced a legal situation on August 24 when he was apprehended at a French airport over a criminal complaint regarding the platform’s moderation actions. However, he was released shortly afterward.
Following his release, Durov took to his blog to express his views, criticizing the actions of French authorities. He also signaled the organization’s intent to disengage from markets that pose challenges to the freedom of expression.
Durov further shared exciting developments about the popular messaging platform, stating:
Telegram has reached 10 million paid subscribers. 10 million people are now enjoying Telegram Premium!
Today, we’re introducing new features while phasing out a few outdated ones.
We’ve removed the People Nearby feature, which was used by less than 0.1% of Telegram…
— Pavel Durov (@durov) September 6, 2024
“Telegram celebrates reaching a remarkable milestone of 10 million paying subscribers, marking a significant achievement in our journey.”
“We are launching new features while phasing out those that no longer serve our users effectively.”
“The People Nearby feature was utilized by a fraction of 0.1% of users, but we are introducing a more beneficial ‘Nearby Companies’ feature to support verified businesses.”
“We will discontinue the uploading of new content on Telegraph, our independent blogging platform, as it has faced misuse by certain anonymous users.”
“Approximately 99.999% of Telegram users are law-abiding, yet the actions of the remaining percentage can tarnish the image of the entire platform, jeopardizing the interests of our extensive user base.”
“This year, we have dedicated ourselves to transforming Telegram’s moderation from a center of critique to one of acclaim.”
Changes in Trading Volume for TON 📉
If you monitor Telegram’s cryptocurrency, Toncoin (TON), recent metrics indicate a notable reduction of 14% in trading volumes over the last 24 hours.
Despite this decline, it is worth noting that Toncoin’s value has seen a recovery compared to the price from a week earlier.
As of this moment, the ninth-largest cryptocurrency by market capitalization, TON, is priced at $5.81, reflecting a return to levels seen seven days prior.
This upward trend may also be linked to recently announced developments within the TON community, particularly the partnership formed between Ton Foundation and Curve Finance.
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