Telegram Imposes Strict KYC Standards for Its 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.

Telegram users with the platform’s crypto wallet will now be subject to strict know-your-customer (KYC) standards, according to an announcement on 30 May.

Wallet is a third-party cryptocurrency wallet mini app on the popular messaging platform Telegram. Previously, not all Telegram Messenger users were required to complete strict KYC verification to use the crypto wallet. Some Telegram Wallet users were not required to submit any personal information to use the default version of the wallet, while others were asked to provide some data.

However, on 30 May, Wallet announced a three-level KYC system for Telegram crypto users. This means that all crypto users on the Telegram platform will be required to complete KYC verification.

From 3 June, #Telegram's inbuilt Crypto #wallet requires KYC

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 need to submit 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 a residential address verification is required.

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Three level KYC verification on #Telegram for #Crypto "Wallet" users

It is also important to note that there are large limits on card purchases and peer-to-peer transactions, but these changes will not affect TON Space, Wallet’s self-custody sub-wallet, which allows users to perform decentralised swaps and transfer NFTs.

Ton coin price action

The current market price of Ton coin is $6.46, which is 3.3% higher than the last 7 days.

There is also another coin in the crypto services called Notcoin (NOT), which is a play-to-earn token integrated into the TON ecosystem.

The current market price of Not coin is $0.012, which is 151% higher than the last 7 days.

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