UK Users Face Temporary Wallet Restrictions on Telegram

The "Wallet" feature in Telegram will be temporarily limited for UK users due to a restructuring that has integrated Wallet with Open Platform.

This change, announced on September 25, will make the wallet unavailable until it registers as a corporate asset provider.

The popular third-party wallet provider has decided to comply with current Financial Conduct Authority (FCA) regulations by registering as a crypto asset provider.

Consequently, the wallet’s in-app functionality will be disabled for UK residents until the company secures the necessary regulatory licenses.

READ MORE:

Bitcoin Eyes New Heights, Will Altcoins Follow?

UK users of the Wallet feature can still withdraw funds to external wallets without incurring fees during this period, and will receive updates regarding their accounts.

It is important to note that Wallet operates independently of the Telegram platform itself. The application for registration with the FCA is a separate initiative, unrelated to the ongoing Pavel Durov issues and other Telegram policy changes.

Source: Wallet, Telegram

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.