Telegram Will Not Integrate Crypto Wallet Yet; Lawsuit Proceeds

Telegram will not integrate the cryptocurrency wallet into the messenger application until it receives approval from the US regulatory authorities, as the company announced on its website.

The message is the first official notice regarding the TON project, it is signed by the Telegram Team and discloses the relationship between Telegram and TON, and also clarifies the TON management system. The statement underlines Telegram’s commitment to comply with the law, even though the company is confronting the SEC. It was made before the deposition of Telegram CEO Pavel DUROV on Tuesday in Dubai.

The SEC filed a TON claim, accusing the project of selling unregistered securities in October. On Friday, January 3, the SEC requested Telegram banking information to investigate how the project spent $1.7 billion that was raised during the token presale. Telegram lawyer Alexander DRYLEWSKI said that the company presented "a detailed breakdown of all expenditures it made between January 1, 2018 and January 31, 2019."

In turn, SEC lawyer Jorge TENREIRO noted that Telegram provided incomplete information, for example, there are no data on payments to underwriters. The court ordered Telegram to draw up a schedule for disclosing information until January 9, after Durov’s deposition.