The wallet is requiring more personal information from users in order to access services and is strengthening its standards for know your customer.
Service providers’ terms of service are dynamic, changing over time to accommodate new regulations or improve the customer experience. Telegram Wallet is the most recent cryptocurrency service to follow the trend of other providers that have recently increased user verification requirements.
As part of a revamp of its service provider, Telegram Wallet introduced new improvements to its Know Your Customer (KYC) standards on Wednesday, May 29, 2024.
Users of Telegram Wallet were exempt from the need to verify their identity in order to use the service before the upgrade. But now, with the upgrade, you have to provide your name, date of birth, and contact data just to use most of the services. With the exception of withdrawals, almost all of the wallet’s features will need this upgrade.
A tiered Know Your Customer (KYC) upgrade for Telegram Wallet is available, allowing for customization according to user demands by linking different degrees of identification with different restrictions on service supply.
The most basic plan does not need any paperwork and limits user transactions to 3,500 euros per day (or $3,780) and 35,000 euros per month (or $37,800). At this tier, you may only spend 300 EUR per day and 5,000 EUR per month using your card.
Due to the change, users must take additional steps to maintain their usage of the wallet’s services. If you would want a smoother move, we have included some instructions below.
Figure Out Which Level of Know Your Customer (KYC) on Telegram Is Right for You: If a person only makes little purchases, the basic level could be better for them. On the other hand, advanced and extended plans are available for consumers who want greater permissions.
Users must enter their name, phone number, birth details, national identity, residence address, and other pertinent information in order to select for the extended or advanced service of Telegram Wallet.
All functionalities of the Telegram Wallet, with the exception of withdrawals, will need you to complete the upgrade’s KYC requirement before the update takes effect on June 3, 2024, so make sure you finish your registration before the deadline.
There will be more updates to the platform besides the modification to KYC standard.
In tandem with the KYC change, the organization is moving away from its prior wallet provider. As of May 30, 2024, WOT Global Solution Ltd. will be the service provider for Telegram Wallet, according to the announcement.
With the new onboard, WOT Global Solution Ltd will get all user personal data, including name, address, phone number, transaction data, and any other information consumers may have supplied while using the wallet service.
Users who are opposed to the transfer, nevertheless, may opt out if they so want. If this applies to you, please stop using Wallet immediately, remove any remaining cash, and destroy your account. If you don’t comply by May 20, 2024, the platform will transfer all of your user data to the new supplier.
