Telegram Wallet Implements Stricter KYC Rules Starting June 3

New KYC Requirements from June 3

Starting June 3, the popular cryptocurrency Wallet bot on Telegram will enforce stricter Know Your Customer (KYC) rules. Users will be required to provide their name, phone number, and date of birth to access most features of the Wallet.

About Telegram Wallet

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

Transition to WOT Global Solution

The implementation of these stricter KYC rules coincides with Wallet’s transition to a new service provider, WOT Global Solution. This change means that all user data, including names, addresses, phone numbers, and transaction records, will be transferred to the new provider.

“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 stated.

New Verification Levels

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:

Basic Level: Requires the user’s full name, date of birth, and phone number. Permits incoming transactions of up to $3,780 per day and $37,800 per month.
Extended Level: Requires a national ID and allows transactions of up to $108,000 daily and $1.08 million monthly.
Advanced Level: Requires both an identity document and proof of residential address, removing limits on fund transfers. These limits may change based on local exchange rates.

Withdrawals will still be possible without completing KYC.

Company Statement

The company explained that these changes are part of ongoing efforts to improve service quality. Users had until May 20 to delete their Wallet accounts if they did not wish to have their data transferred to the new provider.

“This change is part of our ongoing efforts to provide better quality services to you,” the company stated.

The new KYC rules for Telegram Wallet aim to enhance security and compliance, ensuring better service for users while adapting to regulatory requirements. As of June 3, users will need to comply with these new requirements to fully utilize the Wallet’s features.