TON's Golden Visa Claims Denied by UAE Authorities Token Drops 6%

The Open Network (TON) recently announced an innovative staking-based Golden Visa program, claiming that participants could secure long-term residency in the United Arab Emirates (UAE) by staking $100,000 worth of TON for three years and paying a one-time $35,000 processing fee. This program was purported to offer a 10-year golden visa, which typically requires meeting specific income thresholds.

However, the UAE authorities swiftly responded with a joint statement on Monday, denying the claims made by TON. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) collectively refuted the reports, warning against engaging with such unverified offers circulating online.

The SCA emphasized that crypto investments are governed by established frameworks and are unrelated to golden visa eligibility. The agency urged investors to obtain official information from credible sources to avoid misinformation. Similarly, Dubai’s VARA denied the claims, strongly advising crypto investors to deal exclusively with fully licensed and regulated companies. TON, the company behind the claims, is neither licensed nor regulated by VARA.

The ICP clarified that golden visas are issued based on officially approved frameworks and criteria, which do not include crypto investors. Eligible categories for the golden visa include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers. The golden visa enables foreign nationals to live, work, and study in the UAE, with durations ranging from 5 to 10 years. Investors can receive long-term residency if they have public investments worth 2 million UAE dirham or more.

Following TON’s announcement, former Binance CEO Changpeng “CZ” Zhao expressed skepticism on X, questioning the validity of the claims. He stated that he had not been able to verify the information with an official source. CZ also mentioned that if the program were real, it would be an excellent opportunity, and Binance would consider implementing a similar program on BNB. Telegram CEO Pavel Durov also reposted TON’s announcement, adding to the speculation. However, CZ cautioned, “I like to trust but verify,” expecting such a program to have a government partnership and official announcement.

The news of the UAE authorities denying TON’s claims had an immediate impact on the market. TON’s native token surged 10% on Sunday following the announcement but fell back 6% on Monday after the authorities refuted the claims. The token briefly rose to $3.05 on Sunday before plunging within hours to $2.83 at the time of the report.