The post Telegram Wallet Disabled in UK as Developers Seek FCA License appeared on BitcoinEthereumNews.com.

The Wallet app on Telegram is temporarily down in the United Kingdom as the developers seek regulatory approval in the country In a Wednesday post on the messaging app, the developers of Wallet—a crypto wallet built as a mini app on messaging platform Telegram, though not built or operated by Telegram—said that it had disabled features for UK customers. It added that British users would be able to withdraw assets to external wallets with no fees while it applied to the UK’s Financial Conduct Authority (FCA) to register as a CryptoAsset provider. “We will keep you updated on our progress toward full registration in the UK,” it added. The UK has become a tough place for the crypto industry to do business, with financial watchdog the FCA cracking down hard on the space in an effort to prevent money laundering and other crimes. Developed by The Open Platform, Wallet is a crypto wallet on Telegram that allows users to send and receive cryptocurrencies like Bitcoin, Tether, and Toncoin—the native currency of The Open Network (TON). Telegram has become a more crypto-friendly platform over the last year, with mini app-based games like Hamster Kombat and Notcoin booming in popularity. The messaging platform itself has also increasingly embraced TON, using the network to pay a share of ad revenue to channel operators, for example. Telegram has made headlines since French authorities last month arrested the app’s CEO Pavel Durov. The Paris Public Prosecutor’s Office alleged that Telegram was complicit in allowing illegal material to be shared on the platform, and was not responsive to law enforcement requests. This week, the Telegram team said it was cleaning up the app, and will be more receptive to future law enforcement requests regarding alleged illegal activity on the platform. Edited by Andrew Hayward Daily Debrief Newsletter…

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Filed under: News - @ September 25, 2024 10:22 pm