Wallet in Telegram is a cryptocurrency wallet built on Telegram’s mini-app platform. It was in the news recently for banning its services for its users in the UK. This is in response to the recent tightening of various restrictions by the UK government. They have informed that this temporary suspension of the services for UK citizens is part of the restructuring efforts of the Wallet in Telegram. It will soon apply for getting UK registration as an FCA CryptoAsset provider.
The Wallet in telegram authorities have allowed UK users to transfer their holdings to other crypto wallets without any charges during this period. The UK regulations regarding the cryptocurrency sector have become stricter over the years. This temporary ban on services will provide them with ample time to revamp their settings and apply freshly for the UK license.
Background
This new development is part of the recent policy changes in Telegram regarding data sharing. Telegram recently announced that it would begin sharing user data with law enforcement agencies if a “valid legal request” was made by authorities. Pavel Durov, Telegram’s co-founder said that the app will share the IP addresses and phone numbers of those who violate its rules and resort to illegal dealings on the app.
This policy change was viewed as an infringement on the privacy of its users. Telegram’s initial policy was to protect the privacy of its users at all times. Even though the policy change raises privacy concerns, Pavel Durov believes that it will curb all criminal activities on the platform.
After a month of this announcement, Pavel Durov also announced that Telegram would disable the personal geolocation feature in the application and replace it with a “Businesses Nearby” option. He explained that only a small group of Telegram users were making use of this facility.
Telegram has also banned media uploads to its blog, stating that malicious actors were uploading troublesome data to the platform.
The French government has arrested Pavel Durov on allegations that the Telegram app allowed the spread of Child pornography content. This was found to be due to inadequate content moderation policies. He was charged with money laundering, criminal association, and providing “cryptology” services without a license.
The new restrictions are part of Telegram’s attempts to comply with the regulations of the Financial Conduct Authority (FCA). Its self-imposed ban on the Wallet in Telegram for its UK users is seen as a vital step to comply with the rules of the state. As promised, the Wallet in Telegram will be relaunched in the UK after the necessary tweaks; however, a clear timeline has not been outlined for the same.
More About Wallet In Telegram
Wallet in Telegram is a third-party application built on the Telegram app. The app was built to facilitate cryptocurrency transactions across platforms. You can store, send, and receive cryptocurrencies such as Bitcoin, Tether, and Notcoin using this wallet.
Wallet in Telegram is a custodial wallet. This third-party app or the custodian is given full authority over the assets once they are deposited in the wallet.
A few months ago, the Telegram wallet imposed stricter updates to ensure KYC compliance by its users. Now the wallet users should provide their name, phone number, and date of birth for every transaction.
The Wallet in Telegram app unrolled a three-tier KYC system for increased security and supervision. They are the basic, extended, and advanced levels of KYC verification. There is a limit to the transactions that you can conduct based on the level of information you provide. In the basic version, incoming crypto transactions are limited to incoming crypto transactions to 3,500 euros ($3,780) per day and 35,000 euros ($37,800) per month. In the extended version, users need to provide their national identification. They can conduct transactions within a limit of 100,000 euros ($108,000) daily and 1 million euros ($1.08 million) monthly. In the advanced version, you can unlock unlimited transactions by providing your residential address.
The Bottom Line
Wallet in Telegram’s temporary suspension of its services for UK citizens is part of its revamping efforts. The app will be relaunched in style after it is made compliant with all the laws of the land. This app is no doubt an easy-to-use one. Even though there are some privacy infringement issues, it is hoped that the wallet has put in place adequate security measures.
