TON’s UAE Residency Program Sparks Skepticism From CZ

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 lack of official confirmation from UAE government sources.

CZ took to X, formerly known as Twitter, to question the authenticity of the announcement. “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 uncertain about which government entity, if any, had approved the initiative. CZ, who is familiar with the UAE’s residency requirements, having received a Golden Visa himself upon his arrival in the country, emphasized his preference for a “trust but verify” approach.

Despite CZ’s reservations, the announcement gained traction, with some users on X pointing out that Telegram CEO Pavel Durov had confirmed the news. Durov reposted the announcement from crypto influencer Ash Crypto, adding to the speculation surrounding the program. However, the lack of official verification from government sources has left many, including CZ, questioning the legitimacy of the offer.

The UAE has established 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 contributed to its rapid growth in this sector. Recent initiatives, such as the Machine Economy Free Zone and the first licensed tokenized real estate project in the Middle East and North Africa, further solidify the UAE’s position as a key player in the blockchain and cryptocurrency space.

The announcement by TON has sparked interest and speculation, with the token’s price rallying sharply in response. However, the absence of official confirmation from government sources has cast doubt on the program’s legitimacy. As the cryptocurrency community awaits further clarification, the UAE’s role as a hub for blockchain innovation remains a focal point of interest.