UAE Debunks TON's Claims on Visa Program, CZ Criticizes Aggressive Marketing

The UAE has debunked claims that staking Toncoin could secure a 10-year visa, crushing Binance founder CZ's hopes for a similar program on BNB Chain. The TON Foundation's announcement was deemed false, with officials stating that there is no government-backed visa program tied to staking Toncoin. CZ has criticized TON's move as "aggressive and misleading marketing."

The United Arab Emirates (UAE) has officially denied the validity of a recent claim that staking Toncoin (TON) could secure a 10-year visa, effectively crushing Binance founder Changpeng Zhao's (CZ) hopes for a similar program on the BNB Chain. The UAE's stance comes as a surprise following the TON Foundation's announcement, which was deemed false by government officials [1].

The TON Foundation had claimed that applicants could obtain a 10-year Golden Visa by staking $100,000 worth of Toncoin for three years, along with a one-time $35,000 processing fee [2]. This initiative was seen as a significant advancement in the intersection of cryptocurrency and immigration policy, offering a more accessible and liquid route to residency.

However, the UAE's denial has cast doubt on the legitimacy of the program. Officials stated that there is no government-backed visa program tied to staking Toncoin. This revelation has led to a significant backlash, with CZ criticizing the TON Foundation's move as "aggressive and misleading marketing" [3].

In response to the debunked claims, CZ floated the idea of a similar program for BNB holders, stating that if such a model were ever officially verified, Binance could explore a similar initiative. Despite his interest, CZ emphasized that any such program would need to be thoroughly vetted and approved by the relevant authorities.

The denial of the TON Golden Visa program has had a notable impact on the cryptocurrency market. Following the announcement, Toncoin's price surged by over 10%, trading near $2.96 [2]. However, the price has since dropped following the UAE's denial, reflecting the market's reaction to the revelation.

The UAE's move to debunk the Toncoin Golden Visa claims highlights the need for transparency and official recognition in the crypto-based residency programs. As the global trend of crypto-backed residency and citizenship programs continues to grow, it is crucial for nations to establish clear guidelines and regulatory frameworks to ensure the legitimacy and security of these initiatives.

References:
[1] https://cointelegraph.com/news/toncoin-uae-golden-visa-staking-offer
[2] https://en.coinotag.com/toncoins-partnership-with-uae-may-introduce-staking-based-golden-visa-program/
[3] https://cryptorank.io/news/feed/bafc6-cz-reacts-uae-denies-toncoin-golden-visa-claim