The function of the crypto wallet in-app of Telegram will be temporarily suspended in the United Kingdom (UK). The motivation seems to be the company’s intention to register with the UK Financial Conduct Authority as a crypto provider and obtain the licenses. During this period, users can transfer their funds to external crypto-wallets.
Wallet in-app di Telegram sospeso in UK per registrarsi come fornitore crypto
The Wallet in-app function of Telegram has been temporarily suspended for users residing in the United Kingdom.
“Telegram Wallet will suspend the in-app wallet function for residents in the United Kingdom until it registers with the UK Financial Conduct Authority as a cryptocurrency provider and obtains the relevant licenses. During this period, users will be able to transfer funds to external wallets for free.”
In practice, the decision of the company (which is not Telegram) is to register with the UK Financial Conduct Authority as a crypto provider and obtain the necessary licenses to operate. This is why such a suspension for UK residents is temporary.
In any case, during this period of lockdown, British users will be able to transfer funds to external crypto-wallets for free.
Telegram: the decision of the crypto-wallet in the United Kingdom is not related to the arrest of Pavel Durov
It should be noted that Wallet in Telegram is not managed by Telegram. Therefore, its request to the FCA is a decision made by a separate organization and is not related to the case of Pavel Durov, CEO of Telegram.
In fact, it was August 24th, when Durov was stopped at the French airport with a criminal complaint focused on the platform’s moderation practices. After a few days, Durov was then released.
Not only that, the CEO of Telegram then broke the silence by publishing his own blog post where he criticizes the actions of the French authorities. Durov also declared the company’s intention to abandon markets hostile to freedom of expression.
Durov then shared the news of the famous messaging app as follows:
“Telegram has reached 10 million paying subscribers. 10 million people are enjoying Telegram Premium!
Today we introduce new features and remove some obsolete ones.
We have removed the Nearby People feature, which was used by less than 0.1% of Telegram users, but had issues with bots and scammers.
In its place, we will launch the “Nearby Companies” feature, which will showcase legitimate and verified companies. These companies will be able to display product catalogs and accept payments seamlessly.
We have also disabled the uploading of new media on Telegraph, our independent blogging tool, which seems to have been misused by anonymous actors.
While 99.999% of Telegram users have nothing to do with crime, the 0.001% involved in illicit activities creates a bad image for the entire platform, putting at risk the interests of our nearly one billion users.
This is why this year we have committed to transforming moderation on Telegram from an area of criticism to one of praise.”
The trading volumes of TON decrease
Taking a look at Telegram’s crypto, Toncoin (TON), it seems that in the last 24 hours there has been a decrease in trading volumes of -14%.
Nothing serious, considering instead that the price of TON is recovering compared to a week ago.
At the time of writing, the ninth crypto by market capitalization TON is worth $5.81, returning to the levels of seven days ago.
This pump could also be attributed to the latest news in the TON house, which sees the partnership of Ton Foundation with Curve Finance.
Source: https://en.cryptonomist.ch/2024/09/26/wallet-in-app-di-telegram-sospeso-in-uk-in-attesa-di-ottenere-la-licenza-crypto/