- Wallet bot on Telegram is implementing stricter Know Your Customer (KYC) requirements.
- The new update will require users to adopt new standards.
- Non-compliant users must discontinue service usage by the set deadline.
Terms of use on service providers are constantly evolving, either to meet new regulatory standards or to update user experience. Over the past months, crypto service providers have been tightening their verification requirements for users, and the latest to join in this trend is the Wallet bot on Telegram.
Wallet Bot on Telegram Tightens KYC
On Wednesday, May 29, 2024, the Wallet service provider on Telegram unveiled new updates to its Know Your Customer (KYC) requirements as part of an overhaul to its service provision.
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The new update mandates the provision of personal information such as name, date of birth, and contact details to access most features. This update will be necessary for the majority of the wallet’s services, except withdrawals.
Offering flexibility based on user needs, the Wallet’s KYC update is tiered, associating varying limits on service provision with the levels of identification provided.
What Are the Wallet’s KYC Levels?
- Basic Level: Requires no documentation and limits user transactions to 3,500 euros daily and 35,000 euros monthly, equivalent to $3,780 and $37,800 respectively. Card purchases for this level are limited to 300 EUR daily and 5,000 EUR monthly.
- Extended Level: Users can transact up to 100,000 euros daily and 1 million euros monthly, equivalent to $108,000 and $1.08 million monthly. This tier requires additional provision of national identification details. Card purchases for the extended tier are limited to 10,000 EUR daily and 25,000 EUR monthly.
- Advanced Level: This tier completely removes daily, monthly, and card transaction limits. However, this tier mandates users provide residential addresses as part of the KYC requirements.
- But, how does this impact users and what steps are there to take?
How the KYC Change Impacts You
In light of the change, users are required to take extra measures to continue using the wallet’s services. Below are steps we have compiled to make your migration easier.
- Understand Which Telegram Wallet KYC Level is Suitable for You: The basic level may be more suitable for users engaging in minimal transactions. However, users wishing for more allowances can opt for the extended or advanced options.
- Provide Necessary Information: Users opting for Telegram Wallet’s extended or advanced service must provide personal information such as name, phone number, birth details, national identification, residential address, and other relevant information.
- Complete all Registration Before Deadline: All Telegram Wallet features except withdrawals will require completing the update KYC demands before June 3, 2024, by which the update will take effect.
The change to KYC standard is not the only update coming to the platform.
Wallet on Telegram Taps New Provider
Accompanying the KYC update is a switch from the firm’s previous wallet provider. The Wallet announced that starting May 30, 2024, its services will be provided by WOT Global Solution Ltd.
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The new onboard will see the transfer of all user personal data to WOT Global Solution Ltd, including name, address, phone number, transaction data, and other information that may have been provided during users’ use of the wallet service.
Users who do not wish for the transfer, however, have a way out. Such persons must cease the use of Wallet, withdraw any left funds and delete accounts. Failure to do so by May 20, 2024, according to the platform, will automatically result in the onboarding of all user information to the new service provider.
On the Flipside
- Earlier this year, Telegram faced concerns over a vulnerability on its platform.
- Crypto clicker apps such as TapSwap and Notcoin have recently become all the buzz on Telegram.
Why This Matters
It is important for Telegram Wallet users to comply with the new KYC requirements to maintain access to the platform and its services.
Discover more about these reports of vulnerability on Telegram earlier this year:
CertiK Doubles Down on Finding Telegram Exploit
Here’s how Ethereum co-founder Vitalik is supporting this crypto mixer:
Vitalik Puts Money Where His Mouth Is to Back Tornado Cash
