Former Binance CEO Changpeng Zhao has questioned The Open Network’s (TON) recent offer to award UAE Golden Visas to Toncoin (TON) stakers. This comes against the background of no official notice from UAE government sources, bringing a question mark as to the offer’s validity.
The Offer
TON’s recent release provides a 10-year UAE Golden Visa to applicants who lock up a minimum of $100,000 worth of Toncoin for three years and also pay a processing fee of $35,000. The offer claims applicants will be granted the visa within fewer than seven weeks. But Zhao took to social media to question it.
CZ’s Concerns
On Twitter, Zhao asked, “Is this real?” He also pointed out that none of the official government websites or authoritative sources carried details of the “stake Ton for Golden Visa” scheme and questioned whether the UAE government was behind or had sanctioned the plan. Zhao is more than well aware of the UAE residency scheme as he himself holds a Golden Visa, which made him privy to first-hand knowledge about the country’s immigration processes.
Telegram’s Pavel Durov and How the Community Replied
While a few users on X quoted Telegram CEO Pavel Durov as supporting the program, Zhao was not convinced. Durov had also re-posted the crypto influencer Ash Crypto’s post, again creating hype. Yet Zhao explained that while he wanted to believe the reports, he prefers “trust but verify” before believing something.
Impact on Toncoin’s Price
Despite the doubt, the news affected Toncoin’s market capitalization very significantly. The token recorded over 11% appreciation in price within hours, as evidenced by CoinMarketCap, indicative of the alleged euphoria and investor interest in the rumored visa program.
No Official Confirmation
Attempts to verify the news only revealed that none of the government official websites or regulatory bodies, including the Ras Al Khaimah Emirate DAO and the Securities and Commodities Authority, had validated the statement. This has only managed to raise further suspicions among industry players.
The UAE’s Crypto-Friendly Environment
The UAE has become a central hub for blockchain and cryptocurrency activities, attracting companies due to its favorable regulatory landscape and government support. This shift has been evident in initiatives like the Machine Economy Free Zone and Dubai’s tokenized real estate projects, signaling the country’s commitment to blockchain integration.
