Telegram’s popular cryptocurrency Wallet bot is introducing stricter Know Your Customer (KYC) requirements. This third-party wallet, which integrates with Telegram to enable users to buy, store, and manage cryptocurrencies like Bitcoin, Ether, and Toncoin, will now require more user information due to a change in its service provider.
Transition to WOT Global Solution
The change will transfer all user data—including names, addresses, phone numbers, and transaction records—to WOT Global Solution. A notice to users stated, “This transfer will include all data you provided to us and information collected while you were using Wallet in accordance with the Privacy Policy.”
Starting June 3, users must provide their name, phone number, and date of birth to access most of Wallet’s features. Withdrawals, however, will still be possible without KYC. Previously, users could access Wallet’s default features without completing KYC procedures.
Three Verification Levels
The new system introduces three levels of verification, each with distinct requirements and transaction limits:
- Basic Level: Requires a user’s full name, date of birth, and phone number. Allows incoming transactions up to $3,780 per day and $37,800 per month.
- Extended Level: Requires a national ID. Allows transactions up to $108,000 daily and $1.08 million monthly.
- Advanced Level: Requires both an identity document and proof of residential address, with no limits on fund transfers. Wallet noted that these limits may vary based on local exchange rates.
Rationale and User Options
The company explained that the stricter KYC rules are “part of our ongoing efforts to provide better quality services to you.” Users who did not wish to have their data transferred to the new provider had until May 20 to delete their Wallet accounts.
This update underscores a broader trend towards increased regulatory compliance within the cryptocurrency industry, aiming to enhance security and trust in digital asset transactions.