Telegram's Wallet Implements Stricter KYC Rules and Changes Service Provider to WOT Global Solution

Wallet, a third-party cryptocurrency wallet mini app on Telegram messenger, has implemented stricter Know Your Customer (KYC) rules and changed its service provider, now being serviced by WOT Global Solution, a subsidiary of The Open Platform (TOP), formerly known as First Stage Labs, starting May 30, 2024. These changes require users to provide additional personal information, including name, phone number, date of birth, and national identification, depending on the level of identification desired, in order to access various features of the wallet. The new KYC system introduces three tiers of identification, each unlocking different transaction limits, with the highest tier requiring users to provide their residential address. Additionally, significant limits are imposed on card purchases and peer-to-peer transactions. The changes do not apply to TON Space, Wallet's self-custody sub-wallet, which allows decentralised swaps and NFT transfers. Users who did not want their data transferred to WOT Global Solution had until May 20 to delete their Wallet accounts. This transition reflects Wallet's efforts to enhance service quality and user experience while complying with regulatory requirements.