Introduction
Changpeng ‘CZ’ Zhao, former CEO of Binance, has publicly questioned the legitimacy of The Open Network (TON)‘s announcement regarding UAE Golden Visas for Toncoin (TON) stakers. His skepticism arises from the absence of official UAE government confirmation, casting doubt on the offer’s authenticity.
The TON Announcement
TON stated that staking $100,000 worth of TON for three years, plus a $35,000 processing fee, would qualify applicants for a 10-year UAE Golden Visa, obtainable within seven weeks. This news triggered an 11% price surge for TON, demonstrating market sensitivity to residency-linked crypto incentives.
Key Requirements
- Minimum $100,000 TON stake for 3 years
- $35,000 non-refundable processing fee
- Potential 10-year residency visa
Official Verification Lacking
CZ emphasized that no UAE government websites or official channels had confirmed the program. “I like to trust but verify,” he remarked, noting his own experience receiving a UAE Golden Visa through standard channels. This cautious stance reflects growing industry emphasis on due diligence.
Market and Community Response
While some cited Telegram CEO Pavel Durov‘s social media endorsement as validation, others shared CZ’s concerns. The mixed reactions highlight challenges in assessing unverified crypto announcements, even from established projects.
UAE’s Crypto Ecosystem Context
The UAE has positioned itself as a crypto-friendly jurisdiction through initiatives like the Machine Economy Free Zone and progressive regulations. This environment makes residency-linked crypto offers plausible, yet underscores the need for official verification.
Conclusion
Until UAE authorities confirm or deny TON’s claims, investors should exercise caution. This situation reinforces the importance of verifying crypto announcements through official channels before acting on them.
