TON Price Spikes 10% on UAE Golden Visa Rumors, UAE Authorities Deny

Binance founder Changpeng Zhao, commonly known as CZ, has responded to the recent hype surrounding Toncoin’s supposed partnership with the UAE to offer Golden Visas. CZ praised the initiative, calling it “awesome if true,” but also expressed skepticism about its legitimacy. He highlighted several inconsistencies in the reports, including claims that the program was merely a paid service forwarding visa applications to agents, and that it was only approved by Ras Al Khaimah’s RAK DAO, without federal authority. CZ also noted that such a program would likely require licenses from regulatory bodies like VARA, ADGM, or the SCA, licenses that TON may not currently hold. Despite being promoted on the TON website and by Telegram CEO Pavel Durov, the program is not listed on any official UAE government portal.

UAE authorities have since denied that investments in cryptocurrency qualify for Golden Visa eligibility. In a joint statement, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA) confirmed that digital currency investment is not an approved criterion for the Golden Visa program. Golden Visas are currently granted to real estate investors, entrepreneurs, top students and graduates, individuals with exceptional talent, scientists, humanitarian pioneers, and frontline workers, but not crypto holders. Authorities warned against misinformation and emphasized that visas are issued only under a strictly regulated framework. The SCA clarified that cryptocurrency investments fall under separate financial regulations and have no bearing on visa eligibility. VARA also stated that “TON” is not licensed or regulated in Dubai and urged the public to engage only with licensed entities when applying for immigration services.

Amid the initial uncertainty, one user on X suggested that Binance should consider a similar BNB staking-based residency program. CZ replied, “If it is real, we will definitely try to get it on BNB too.” He hinted at Binance’s openness to exploring such possibilities in the future, provided they are legal and government-backed. The initial Toncoin’s announcement created major buzz in the crypto community, including an over 10% spike in the price of TON. However, the UAE’s denial has dampened the hype.