CZ Questions Legitimacy Of TON’s $135K UAE Golden Visa Offer

Reports of staking TON Token for the UAE Golden Visa offer have gained steam, but CZ is proceeding with cautious optimism. The Binance founder notes that the claim may be “too good to be true,” while scanning the horizon for an official government announcement to back up the claims.

CZ Raises Eyebrows Over UAE Golden Visa Offer

According to a blog post, the Ton Foundation is offering a 10-year Golden Visa to the United Arab Emirates (UAE) through the staking of $100,000 worth of Toncoin. Applicants seeking the 10-year visa have to stake $100K worth of TON tokens for three years and pay a one-time $35,000 processing fee.

However, Binance founder Changpeng Zhao has expressed a measure of doubt about the veracity of the claims. Right off the bat, CZ says he is receiving conflicting information about the claims by the Ton Foundation.

On one hand, CZ’s sources say Golden Visa applications through agents typically cost around $1,000. The Binance founder is raising eyebrows at the steep $35,000 processing fee and the claims of a guaranteed visa from staking TON tokens.

Secondly, CZ is pointing to a glaring absence of a government-backed press release to support the Ton Foundation’s claims. Sources say staking is a regulated activity requiring the Ton Foundation to obtain licenses from local regulators like VARA, SCA, and the ADGM. Global regulators are tightening the screws for crypto staking with the US SEC delaying Bitwise’s Ethereum ETF staking application.

“There are no official government websites with the stake TON for the golden visa update,” said CZ. “This program would be awesome if it were true.”

CZ Targets BNB Involvement As TON Token Soars

CZ says that he will pursue a BNB staking solution if the reports of staking TON in exchange for a UAE Golden Visa are true. The Binance Coin ecosystem is a beehive of activity, with Nano Labs creating a BNB Treasury amid soaring DEX metrics.

CZ has extensive links to the UAE, holding citizenship and famously moving to Dubai back in 2021. Binance has gone on to obtain regulatory approval from Dubai’s VARA and another approval in Abu Dhabi’s ADGM.

The Ton token is up 6% over the last day, trading at $2.90 in a frenetic rally. According to CoinMarketCap data, the crypto surged as high as $3.05 before undergoing a mild pullback, leaving the market capitalization at $7.17 billion.

At the moment, Ton’s daily volume is at a record high of $643.4 million, a 607% jump over the last day. The rest of the crypto market is rallying on the back of a sudden Sunday pump, with top assets in the green. An official government announcement at the start of the week can send the Ton token price surging to new highs.

Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.