DeFi
Telegram Wallet introduces stricter KYC rules
Starting June 3, users will need to provide their name, phone number, and date of birth to access most features.
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, allowing users to purchase, store and manage cryptocurrencies like Bitcoin, Ether and Toncoin. It functions as a custodial wallet, meaning a centralized entity holds user assets.
The change comes as Wallet changes service providers. This transition means that 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. said.
Starting June 3, users must provide their name, phone number, and date of birth to use most Wallet 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 levels of verification, each with different requirements and transaction limits.
The basic level does not require documentation but asks for the user’s full name, date of birth, and phone number. This tier allows inbound transactions of up to $3,780 per day and $37,800 per month. The extended tier requires a national ID, allowing transactions of up to $108,000 per day and $1.08 million per month.
Finally, the advanced level requires both ID and proof of address, and removes limits on fund transfers. Wallet clarified that these limits may change depending on local exchange rates.
The company explained: “This change is part of our ongoing efforts to provide you with better services. » Users had until May 20 to delete their Wallet accounts if they did not want their data transferred to the new provider.