Stay informed on Telegram Wallet's KYC updates! 📢💡

TLDR

Telegram Wallet is implementing stricter KYC rules, requiring users to provide personal details like name, phone number, and date of birth for most features, except withdrawals.
The wallet is introducing a tiered KYC system with varying transaction limits based on the level of identification provided by the user.
Telegram Wallet is transitioning to a new service provider, WOT Global Solution, with all user data transferring to the new company.
Users who do not agree with the changes are required to cease using the wallet, withdraw their balance, and delete their accounts by May 20.
Reactions to the new KYC requirements are mixed, with concerns about privacy and centralization on one side and views of necessity for mass adoption and security on the other.

Telegram Wallet Implements Stricter KYC Rules

Telegram Wallet has recently announced that it will be enforcing stricter Know Your Customer (KYC) rules and changing its service provider to WOT Global Solution.

Starting June 3, users of Telegram Wallet will need to provide personal information such as their name, phone number, and date of birth to access most features of the wallet, with the exception of withdrawals.

New Tiered KYC System Introduced

The updated KYC system will feature a tiered approach, with different transaction limits based on the level of identification provided by the user.

The basic level requires personal information from users but no documentation, limiting incoming crypto transactions to 3,500 euros ($3,780) per day and 35,000 euros ($37,800) per month.
Users can opt for increased limits through the extended level, which requires national identification, or the advanced level, which also includes a residential address.

Service Provider Transition to WOT Global Solution

In addition to the KYC changes, Telegram Wallet is also shifting its services to a new company, WOT Global Solution, effective May 30, 2024.

All user data, including personal details and transaction history, will be transferred to the new service provider as part of this transition.

Community Reactions

Response to these changes within the Telegram Wallet community has been varied.

Some users have voiced concerns regarding privacy and centralization, with fears that these changes could impact the wallet’s native token, TON.
On the flip side, some users believe that these changes are essential for wider adoption and enhanced security measures.

Privacy vs. Compliance Debate

The ongoing discussion highlights the delicate balance between privacy and regulation in the cryptocurrency sphere.

While some users value ease of use and anonymity, others acknowledge the significance of compliance and security protocols to combat illicit activities and safeguard user assets.