TON Price Surges 11% Amid UAE Residency Program Skepticism

Changpeng “CZ” Zhao, the former CEO of Binance, has expressed skepticism regarding the legitimacy of The Open Network’s (TON) newly announced pathway to UAE residency. The program, which offers 10-year UAE Golden Visas to applicants who stake at least $100,000 worth of Toncoin (TON) for three years and pay a $35,000 processing fee, has raised questions due to the absence of any official announcement from UAE government sources.

CZ took to X, formerly known as Twitter, to question the authenticity of the program. “Is this real?” he asked, noting that he had received conflicting information. He further pointed out that there were no official government websites with updates on the “stake Ton for golden visa” program, and he was unsure which government entity, if any, had approved it. CZ, who is familiar with the UAE’s residency requirements, having received a Golden Visa himself when he first arrived in the country, expressed his reservations, stating he likes to “trust but verify.”

Despite CZ’s skepticism, some X users pointed out that Telegram CEO Pavel Durov had confirmed the news. Durov reposted the announcement from crypto influencer Ash Crypto, which seemed to lend credibility to the program. However, the lack of official verification from government sources has left many, including CZ, questioning the legitimacy of the offer.

The announcement of the program had a significant impact on the price of TON, with the token rallying more than 11% within a few hours. However, the lack of official verification from government sources has raised concerns about the program’s legitimacy. The announcement did not appear on the websites of key regulatory bodies such as the Ras Al Khaimah Emirate DAO, Securities and Commodities Authority, Virtual Asset Regulatory Authority, or Abu Dhabi Global Market Authority, further fueling skepticism.

The UAE has positioned itself as a leading hub for cryptocurrency adoption and blockchain-based companies. The region’s favorable regulatory environment, government support, and infrastructure that welcomes DeFi and Web3 projects have made it an attractive destination for crypto and blockchain initiatives. The UAE has launched several innovative projects, including a Machine Economy Free Zone that explores the intersection of robotics, AI, and decentralization, and a tokenized real estate project in Dubai, which is the first of its kind in the Middle East and North Africa. These initiatives highlight the UAE’s commitment to embracing new technologies and fostering innovation in the crypto and blockchain space.

Despite the UAE’s growing reputation as a crypto hub, the lack of official verification for TON’s residency program has raised questions about its legitimacy. CZ’s skepticism and the absence of official announcements from government sources have left many wondering whether the program is genuine. As the crypto community awaits further clarification, the focus remains on the need for transparency and official verification to build trust and credibility in the rapidly evolving world of cryptocurrency and blockchain technology.