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Homepage > News > Business > Telegram Wallet disabled in UK; PayPal targets businesses The ‘crypto’ ecosystem has long followed the “ask for forgiveness, not permission” model for years. For many, it has backfired—and some are serving years in prison—and yet, many more continue to test the limits. Telegram Wallet, an in-app wallet on the instant messaging platform, has been operating under this model, but it has now suspended services in the United Kingdom to seek an operating license, years after it first started serving U.K. customers. In the United States, PayPal (NASDAQ: PYPL) is extending its digital asset services, this time targeting U.S. business customers. Telegram Wallet seeks FCA license Telegram Wallet, a digital asset wallet native to the messaging platform that allows users to send and receive ‘crypto,’ revealed that it has suspended its services for U.K. users to pursue official licensing after operating in the country for years. In a post to its community on Telegram, the wallet revealed that it was seeking registration from the U.K.’s Financial Conduct Authority (FCA) as a “cryptoasset provider.” “We will disable our features for our existing U.K. customers until we have successfully navigated this process. Our U.K. customers will be able to withdraw their assets to external wallets with no fees. We will communicate directly with our customers regarding the update of their accounts to withdrawal-only mode,” it added. The wallet was launched in April 2022 as a bot on the messaging platform that allowed users to send, receive and store TON—the native token of The Open Network—within Telegram chats at zero fees. Four months later, the developers expanded the functionality, including enabling fiat-to-crypto purchases, and made it a fully-fledged wallet within the messaging app. Since then, it has added a non-custodial wallet feature and a related decentralized exchange.  It’s worth noting that the wallet…

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Filed under: News - @ October 3, 2024 11:24 am