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Telegram Wallet Mandate New KYC Rules, Adopt to New Provider

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Third-party crypto bot, Wallet has added some notable changes to its operations. Notably, the Know-Your-Customer (KYC) procedure is now stricter and the former service provider has been replaced.

Earlier, on May 29 Telegram Wallet informed its users about changes to its KYC model. This includes the provision of more detailed personal information to conduct certain transactions.

So, Wallet users must provide their name, date of birth, and phone number to access all the wallet’s features. However, this process is not applicable to withdrawals.

This update will take effect on June 3 and all features except withdrawals must include the mandated details.

Telegram Wallet Updates Will Give Users a New Experience

The new KYC system will change the regular Telegram Wallet mode of operation that users are familiar with.

This update is likely to boost security and the protection of funds from theft and fraud. So, users have to provide some information to attain the basic identification level.

This basic level limits the inflow of crypto transactions to $3,780 per day and $37,800 each month.

However, the limits are estimated and depend on local exchange rates. Therefore, they may vary in different countries.

The next level is the extended version which prompts users to provide national identification. This will unlock a daily limit of $100,000 and a monthly limit of $1.08 million.

Meanwhile, users who want a higher limit must provide their residential address to access the advanced version.

The advanced mode removes an upper limit on the sum of funds that can be transferred.

Also, vital limits are now imposed on card and peer-to-peer purchases.

Nevertheless, these changes do not apply to TON Space which is the self-custody decentralized wallet.

Users can conduct swaps and transfer NFTs using TON Space.

Telegram Wallet Now Maintained By Another Company

Also, Telegram Wallet providers announced that their services will be handled by a different company.

This change will begin on May 30 and the new company hired is WOT Global Solution.

So, all users’ data will be transferred to WOT Global Solution.

This data includes their names, addresses, transaction data, and phone numbers.

Also, any other data that Wallet has on its users will be transferred to the new provider.

However, users who did not wish to have their data transferred deleted their Wallet accounts before May 20.

According to the announcement, the goal is to provide users with better services and protect their assets.

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