[NEWS] Telegram Wallet Suspended in the UK

On the 25th, Telegram announced that it has temporarily suspended its wallet services for UK users in order to participate in the Open Platform. The service will be available again once it has registered as a crypto asset provider in the UK.

Telegram has decided to register as a crypto asset provider under the current Financial Conduct Authority (FCA) regulations and will disable the in-app wallet function for UK residents until the appropriate license is obtained.

During this period, UK Telegram wallet users can transfer funds to external wallets without any fees, and they will be provided with updates regarding their accounts.

Telegram’s wallet is not operated by Telegram itself. The application for registration with the FCA was made by a separate organization and is unrelated to Telegram founder and CEO Pavel Durov or other Telegram policy changes, although there is expected to be some impact.

Telegram Wallet is developed and operated by the TON Foundation on The Open Network (TON) blockchain.

Following Durov’s arrest in France, as part of a policy shift, Telegram recently announced that it would provide user data to law enforcement agencies if there is a “valid legal request” from authorities.

Impact of Telegram CEO's Arrest

Durov was arrested after landing at Le Bourget Airport in the suburbs of Paris. He faces charges ranging from terrorism, human trafficking, conspiracy, fraud, and money laundering, though further details have yet to be revealed. As a result, the value of Toncoin, the cryptocurrency developed by Telegram, dropped significantly.

The user data that may be shared includes phone numbers and IP addresses, raising concerns among users who oppose privacy breaches and censorship due to the potential for misuse by government authorities.

When the policy changes were initially announced, Durov supported the decision, claiming that it was meant to protect users of the platform from criminal activities.

In a message to the Telegram community, Durov stated:

"These measures are intended to prevent crime. Telegram Search is meant for finding friends and discovering news, not for promoting illegal goods. We will not allow malicious actors to jeopardize the trust of a platform that serves over a billion users."

In September 2024, Durov also announced that Telegram would disable its in-app personal location feature, replacing it with a “Nearby Business” option.

At the same time, Telegram announced it would discontinue support for its blogging tool "Telegraph." Additionally, they clarified that malicious individuals have never misused the platform to post harmful content.

However, in Japan, Telegram is still frequently used for crimes such as fraud and money laundering. The message deletion feature can be used to destroy evidence, often causing delays in investigations. Similar regulations to those in the UK may be necessary in Japan as well.

Reference: Telegram

Image: Shutterstock

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