Telegram Wallet, the official cryptocurrency wallet of Telegram, now requires stricter KYC information, including name, phone number, and date of birth. According to an announcement by Wu Blockchain on X, these details will be required for all functions starting on June 3, except for withdrawals. WOT Global Solution Ltd will start providing wallet services on May 30, 2024.
New data transfer to WOT Global Solution Ltd.
As per the update notice, users are required to transfer their data to WOT Global Solution Ltd, including all the information collected while using Telegram Wallet in accordance with the Privacy Policy. By continuing to use the Wallet after the notice, users consent to the new Wallet User Agreement when it takes legal effect.
Telegram Wallet Updates Notice (Source: Wallet.tg)
Users who do not agree with the changes must stop using the wallet, withdraw their balance, and delete their accounts. A notice with the details was posted on X on May 29. Strangely, it states that anyone who hasn't deleted their wallet account by May 20 is assumed to have agreed to the data transfer and will continue using WOT Global's services.
Mixed reactions from community: Security vs. privacy concerns
The reactions to the request vary widely, ranging from very negative to supportive. Some users express extreme skepticism, with comments such as "TON will die as quickly as it surged," and "centralized and fully controlled." One user mentioned that the move would be necessary if Telegram Wallet aimed for mass adoption.
On the other hand, another user pointed out that stricter KYC requirements could be seen as a disadvantage for those who prioritize ease of use and privacy, but an advantage for those who prioritize security and regulation.
Comments on Telegram Wallet KYC Requirements (Source: X)
Many individuals are hesitant to share their personal information, including identification documents, due to concerns about potential misuse or unauthorized access. Given the constant risk of data breaches and cyberattacks, people worry about how their sensitive information is collected, stored, and protected.
Additionally, some individuals may not fully comprehend the purpose and necessity of KYC procedures, leading to suspicion and resistance.
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