The Wallet app, a crypto wallet built as a mini-app on the popular messaging platform Telegram, has temporarily suspended its services for users in the United Kingdom. The developers behind Wallet, which operates independently of Telegram, announced the decision in a post on Wednesday, explaining that the suspension was due to ongoing efforts to secure regulatory approval from the UK’s Financial Conduct Authority (FCA).
While the app has disabled its crypto-related features for UK customers, British users can still withdraw their assets to external wallets free of charge. The developers emphasized that the move is part of their effort to comply with UK regulations and promised to keep users informed about their progress toward full registration as a CryptoAsset provider under the FCA’s framework.
FCA’s Tough Stance on Crypto
The UK has become a challenging environment for crypto businesses, as the FCA has tightened its oversight of the sector in a bid to combat money laundering and other illicit activities. Several crypto firms have faced regulatory hurdles as they navigate the UK's strict compliance requirements.
Wallet, developed by The Open Platform, allows Telegram users to send and receive cryptocurrencies such as Bitcoin, Tether, and Toncoin—an increasingly popular feature as Telegram has embraced blockchain and cryptocurrency integrations, particularly around The Open Network (TON).
Related reading：Bitget predicts TON ecosystem will be “de-telegraphized” within two years amid regulatory pressure
Telegram's Growing Crypto Ecosystem
Telegram itself has become a more crypto-friendly platform over the past year, with an increasing number of mini-apps, including games like Hamster Kombat and Notcoin, gaining traction. The platform has also integrated TON, using it to distribute a share of advertising revenue to channel operators.
Despite these advancements, Telegram has faced legal challenges in other areas. Last month, CEO Pavel Durov was arrested in France, with authorities alleging that Telegram had facilitated illegal content sharing and failed to cooperate with law enforcement.
In response, Telegram has pledged to take a more proactive approach in addressing law enforcement requests.
Related reading：Telegram user privacy crisis, Telegram founder will share user IP and phone numbers with authorities
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