Telegram imposed strict KYC standards for the Telegram crypto wallet users.
Wallet is a third-party cryptocurrency wallet mini app on the popular messaging platform Telegram. So far all the Telegram Messenger users were not required to go with strict KYC verification to use crypto wallet. Before this date, some Telegram Wallet users did not have to provide any personal information to use the default version of the wallet, while some users were required to provide certain data.
On 30 May 2024, Wallet announced a three-level KYC system for the Telegram crypto users. This means all the crypto users on the Telegram platform are required to go through KYC verification.
From 3 June, #Telegram‘s inbuilt Crypto #wallet requires KYC pic.twitter.com/Co1pqXWPro
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There is a three-level KYC system, namely Basic, extended, & advanced level.
At the Basic Level, no documentation is needed. Users can transact up to 3,500 euros daily and 35,000 euros monthly ($3,780 and $37,800). Card purchases are limited to 300 euros daily and 5,000 euros monthly.
At the Extended Level, wallet users require ID details. Users can transact up to 100,000 euros daily and 1 million euros monthly ($108,000 and $1.08 million). Card purchases are limited to 10,000 euros daily and 25,000 euros monthly.
At the Advanced Level, there are no transaction limits but requires a residential address verification.
It is worth it to note that there are big limits on card purchases and peer-to-peer transactions but these changes will not affect TON Space, Wallet’s self-custody sub-wallet, which lets users do decentralised swaps and transfer NFTs.
Ton coin price action
The current trade price of the Ton coin is $6.46 & this trade price is 3.3% higher over the last 7 days.
There is also another coin under the crypto services called Notcoin (NOT), which is a play-to-earn token integrated into the TON ecosystem.
The current trade price of Not coin is $0.012 & this trade price is 151% higher over the last 7 days.
Read also: Top official says US treasury does not intend to ban crypto mixing services
‘Wallet’ Tightens KYC measures for Telegram crypto users
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