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Telegram has once again made an announcement about its operations, this time regarding the Wallet feature within its messaging app.

In a message to its community, Telegram stated that it will be applying for UK registration as a Financial Conduct Authority (FCA) crypto asset provider as part of a “corporate restructure plan” following an internal team decision.

While awaiting full registration, Telegram announced that it would disable certain features of the Wallet for its existing UK customers until it has “successfully navigated this process.”

Although the Telegram wallet will not be available for UK customers, the messaging app company claims they can still withdraw their assets to external wallets “with no fees.” In the announcement, Telegram states:

“We will communicate directly with our customers regarding the update of their accounts to withdrawal-only mode. We will keep you updated on our progress toward full registration in the UK!

The messaging app platform has been making changes in its policies ever since the arrest of Telegram’s CEO, Pavel Durov. 

When Durov spoke for the first time after his arrest, the CEO of Telegram promised that the messaging app still needed improvements. According to Durov, one of the features requiring enhancement is making it easier for authorities to send requests.

Recently, Durov announced Telegram updated its Terms of Service and Privacy Policy to protect the messaging platform against bad actors who promote illicit activities. 

As part of the updated rules, Telegram’s CEO claimed the IP addresses and phone numbers of those who violated the rules to the relevant authorities. Durov claims, “We won't let bad actors jeopardize the integrity of our platform for almost a billion users.”

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