Third-party app Wallet in Telegram temporarily restricts use by UK users until it obtains FCA approval

The third-party app Wallet in Telegram announced that it will temporarily restrict the use of its wallet function for UK users (stemming from the reorganization process of the app joining the Open Platform), and will be available after the entity is registered as a corporate asset provider. The company said that it decided to register as a crypto asset provider in accordance with the current regulations of the UK FCA and will disable the in-app wallet function for UK residents until the company behind the app, Wallet, obtains the appropriate regulatory license. In addition, Wallet in Telegram users in the UK can withdraw funds to external wallets for free during this period, and updates on accounts will be provided. Wallet in Telegram is not run by Telegram, and its FCA application is a separate decision from another organization and has nothing to do with the case involving Pavel Durov and other policy changes of Telegram. At the same time, US users are also unable to use Wallet in Telegram due to financial regulations. (Cointelegraph)