Telegram wallet users in the UK might have noticed that the wallet feature is unavailable. This came after one of the most popular third-party services, the Wallet service, integrated with Telegram. Read on to get the details.
The Telegram wallet service is also authorized under the FCA register to provide crypto asset services.
Why is the Wallet Blocked?
The Telegram Wallet provider has joined an Open Platform and is working on getting the necessary license to operate under UK laws. Until they get these licenses, they’ve turned off the in-app Wallet feature for UK residents. But don’t worry—you can still withdraw funds to an external wallet without any fees during this period.
Source: Telegram
What Happens Next?
While turning off the Wallet feature, Telegram promises to keep users updated. Once they’ve registered as a corporate asset provider, the wallet will be back up and running for UK users. Telegram is not involved in running the wallet. This decision has nothing to do with the holding company and does not affect any activity related to Telegrams’ founder, Pavel Durov.
Telegram has reached 10 million paid subscribers. 10 million people are now enjoying Telegram Premium!
Today, we’re introducing new features while phasing out a few outdated ones.
We’ve removed the People Nearby feature, which was used by less than 0.1% of Telegram…
— Pavel Durov (@durov) September 6, 2024
Changes to Telegram’s Policies
Telegram has undergone some changes recently. Your data will be available to law enforcement in case you make a valid request to Telegram. This information includes phone numbers and IP addresses.
Durov said this step helps to prevent criminals from using the platform and makes Telegram safe for its more than 500 million users. He explained that Telegram is for communication and finding news, not for unlawful acts.
Thanks everyone for your support and love!
Last month I got interviewed by police for 4 days after arriving in Paris. I was told I may be personally responsible for other people’s illegal use of Telegram, because the French authorities didn’t receive responses from Telegram.…
— Pavel Durov (@durov) September 6, 2024
Other Changes in the App
Telegram is also turning off the personal geolocation feature, which a “Businesses Nearby” option will now replace. Additionally, they’ve dropped support for the Telegraph blogging tool, citing that a tiny percentage of users were misusing it to spread harmful material.
Telegram app’s wallet will be temporarily restricted for users in the UK due to lack of proper FCA regulatory licenses. pic.twitter.com/o1zNT8ggQA
— Crypto Crib (@Crypto_Crib_) September 26, 2024
Conclusion
If you are a Telegram wallet user based in the UK and struggling with Telegram’s temporary downtime on its Wallet feature, know that it is about the company’s adherence to regulations in the UK. The wallet provider’s development team is still seeking permission; in the meantime, you can freely transfer your funds. Aware of the situation, Telegram, too, has been working and stays committed to its users’ safety.
Disclaimer
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This articles is written by : Fady Askharoun Samy Askharoun
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