Pavel Durov, the founder of Telegram Messenger LLP, is closing the company behind Telegram, a social messaging app that was banned in Russia in 2018. Based on a media outlet’s report, the founder signed an application to remove the company from the U.K. register on December 19, but it was only filed some days ago.
Companies Behind Telegram
Telegram Messenger LLP which is about to be dissolved was set up in 2014 by the collaboration of two companies. They are Telegraph Inc., based in Belize, Central America and Dogged Labs Ltd. in the British Virgin Islands. Reports reveal that the latter company was replaced with Telegram Messenger LLP.
Telegram also began its operation in Russia in 2017, and this is a country with several laws which messengers and email providers must adhere to. Part of the demands is that they must keep a record of videos, voice calls and messages made with the app for one year. Also, companies must share the nature of their activities with Roskomnadzor, the country’s telecom operator.
Russia Bans Telegram
Telegram Messenger LLP failed to comply with these regulations and as such, attempts were made by Roskomnadzor to block its services. The operator requested the Tagansky District Court that the messaging service should be banned and so it was. The court also declined Telegram’s appeal to reinstate the use of the app in the country.
At the moment, the reason for the company’s liquidation is unknown, and assumptions have been made that it is due to the blockage in the Russian Federation. On the other hand, what is certain is that the messenger is no longer operational in Russia.
Liquidity Could be a Major Hit on Cryptocurrency Groups
For cryptocurrency groups that majorly take advantage of Telegram to promote their products and services, this news is a big deal. This is a social media platform with about 200 million users and a large user base at that. Also, companies in the industry have adopted Telegram to promote their airdrops, Initial coin offerings (ICOs), and generally, to maintain a community of followers.
The company had reportedly made plans to launch a project called TON (Telegram Open Network) where a virtual currency will be used for payments. The ICO to raise funds for TON began last year, but was canceled after $1.7 billion was raised in a private sale. Plans were also made that by 2019’s end, the platform will be launched. Given the turn out of events, there are currently a lot of uncertainties.