Telegram has announced it will temporarily restrict the use of its in-app wallet function for British residents. The popular messaging app is taking this step to comply with the Financial Conduct Authority (FCA) regulations and ensure it is registered as a corporate asset provider.
According to official news, the restriction will remain in place until Telegram obtains the necessary regulatory license. The company has emphasized that this is a temporary measure and that it is committed to resuming wallet functionality for UK users as soon as possible.
This announcement comes on the heels of recent controversies surrounding Telegram’s privacy policies. Following the arrest of Pavel Durov, the app’s founder, Telegram announced a change in its data-sharing policy. The company will now share user data, including phone numbers and IP addresses, with law enforcement upon receipt of a “valid legal request.” This move has sparked concerns among privacy advocates, who fear that the data could be misused by state actors.
Durov has defended the decision, arguing that it is necessary to protect the platform from criminal activity. In a message to the Telegram community, he stated, “These measures should serve as a deterrent to criminals. Telegram search is meant to find friends and get news, not promote illegal goods. We will not let bad actors jeopardize the integrity of our platform for nearly a billion users.”
