Stricter KYC Rules for Telegram Cryptocurrency Wallet Users Starting June

The popular cryptocurrency Wallet bot on Telegram is set to enforce more stringent Know Your Customer (KYC) policies starting June 3, requiring users to submit their name, phone number, and date of birth to access the majority of its features. This adjustment comes as the service shifts to a new provider, WOT Global Solution, prompting the transfer of all user data, including personal and transactional information, in line with its Privacy Policy. While withdrawals can still be executed without KYC, the introduction of three verification tiers will impose varying requirements and transaction limits on users. The basic tier, demanding minimal information, allows transactions up to $3,780 daily and $37,800 monthly. The extended tier, which requires a national ID, significantly raises limits to $108,000 daily and $1.08 million monthly. The most stringent, the advanced level, mandates additional proof of residence but lifts transfer restrictions entirely. The company asserts these measures aim to enhance service quality, advising users unwilling to comply to delete their accounts by May 20 to avoid data transfer to the new system.