Telegram crypto wallet blocked in UK

We tell you what is happening and whether Russian users of the messenger’s crypto wallet should be afraid of being banned.

What’s Happening With Telegram Crypto Wallet

On September 26, the developers of the wallet built into the Telegram messenger announced a temporary blocking of the service for users in the UK. The restrictions were introduced due to the need to bring the service into compliance with new requirements of the UK Financial Conduct Authority (FCA), under which the wallet must be registered as a crypto asset provider.

Wallet Blocked Message in UK

For UK users, most of the wallet’s features will be unavailable until the team receives a license. However, users will be able to withdraw funds to external wallets.

Similar restrictions apply to users from the United States. The reason is the same: the wallet does not meet the requirements of local regulators.

Although the wallet functions as a built-in application in Telegram, it does not belong to the messenger and is managed by a separate company. Therefore, Telegram is not responsible for the decisions of the wallet developers.

The restructuring took place after the service joined The Open Platform (TON). Let us recall that the messenger team was initially developing it, but due to regulatory pressure, the company had to abandon the project. An independent team took over its development. Thus, TON became a separate project from Telegram. At the same time, the messenger still supports the platform and its Toncoin token.

Telegram is not the same anymore

Telegram users have recently faced a number of changes in the platform’s policies. In September 2024, the company announced about measures to strengthen cooperation with the authorities after the arrest of its founder Pavel Durov. Against this backdrop, Telegram began sharing user data at the official request of the authorities, including IP addresses and phone numbers.

Durov explained in his statement that such measures are aimed at protecting law-abiding users of the platform and combating criminal activity. In addition, Telegram disabled geolocation and closed the Telegraph service. According to Durov, it was used by only a small number of users, including those distributing prohibited materials. The developer noted that attackers make up only 0.001% of the audience, but their actions pose a threat to the entire platform.

Users complain about blocking

The degree of tension is increased by reports about crypto blocking in the messenger wallet. For example, complaint from a crypto wallet user who claims he can’t access 1.7 million DOGS.

Also, due to blocking, airdrop participants complain that now they cannot get the coins they are entitled to.

Could Russians Lose Access to Telegram Crypto Wallet?

Russia has its own register of digital financial asset exchange operators. It is focused on digital financial assets that are not classic cryptocurrencies, such as bitcoins. At the same time, the Russian authorities clearly do not like the fact that the population has tools for freely buying and exchanging digital assets. This is indirectly indicated by blocking bank cards in the event of detection of crypto-related transactions.

Despite the fact that today there are no known initiatives related to the claims of the Russian authorities to the messenger, the blocking of the Telegram wallet in the UK may provoke the study of similar solutions in Russia. Given the difficult background of the project in the Russian Federation and the reluctance of regulators to allow citizens to access crypto, one should not exclude the risks of attempts to limit the operation of the crypto wallet in the country. Moreover, regulators like to repeat each other.

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