Attention all Telegram Wallet users! Get ready for some changes as the popular cryptocurrency wallet bot is tightening its Know Your Customer (KYC) rules.

For those unfamiliar, Telegram Wallet is a third-party cryptocurrency wallet integrated with Telegram, allowing users to buy, store, and manage various cryptocurrencies like Bitcoin, Ether, and Toncoin. It functions as a custodial wallet, meaning a centralized entity holds users’ assets.

The upcoming change stems from Wallet’s switch in service provider. With this transition, all user data, including names, addresses, phone numbers, and transaction records, will be migrated to WOT Global Solution.

Starting June 3, users will need to provide their name, phone number, and date of birth to access most of Wallet’s features. However, it’s worth noting that withdrawals will still be possible without completing KYC.

Previously, users could utilize Wallet’s default features without undergoing KYC procedures. The new system introduces three verification levels, each with varying requirements and transaction limits.

At the basic level, users don’t need documentation but must provide their full name, date of birth, and phone number. This level allows incoming transactions of up to $3,780 per day and $37,800 per month. Moving up, the extended level mandates a national ID and permits transactions of up to $108,000 daily and $1.08 million monthly.

For those seeking advanced features, the highest level demands both an identity document and proof of residential address, with no limits on fund transfers. Wallet has clarified that these limits may fluctuate based on local exchange rates.

Explaining the rationale behind the change, the company stated, “This change is part of our ongoing efforts to provide better quality services to you.” Users had until May 20 to delete their Wallet accounts if they did not wish to have their data transferred to the new provider.