- TON claimed users can obtain a 10-year UAE visa by staking $100K Toncoin plus a $35K fee.
- UAE regulators, VARA, SCA, and ICP denied that crypto staking grants Golden Visas.
- Toncoin rose 12% after the claim but fell 6% following the UAE government’s denial.
Binance founder Changpeng “CZ” Zhao raised doubts over The Open Network’s (TON) claim of offering a 10-year UAE Golden Visa to Toncoin (TON) stakers. He said that there is a lack of official confirmation from UAE authorities. TON announced that users staking at least $100,000 worth of Toncoin for three years and paying a $35,000 processing fee would qualify for a long-term UAE residency, which can be delivered in under seven weeks.
Zhao stated on X, “Is this real? It would be awesome IF it is true. But I got conflicting info so far.” Zhao noted that Binance aims to ensure BNB users benefit from the same treatment if the program is genuine.
No Government Confirmation Amid Rising Speculation
Despite the wide circulation of the news, Zhao noted that there is no update on any official UAE government website validating the program. He remarked, “There are no official government websites with the ‘stake Ton for golden visa’ update,” and further questioned which government body, if any, had formally approved the offer.
The corresponding response from the regulators in the UAE was prompt. Entities such as the Investment Corporation of Dubai (ICD), the Virtual Assets Regulatory Authority (VARA), and the Securities and Commodities Authority (SCA) jointly clarified that investing in cryptocurrencies does not qualify individuals for a Golden Visa. They explained that, as before, eligibility is limited to established classes such as real estate investors, entrepreneurs, highly skilled professionals, and exceptional talent.
Toncoin Rallies Before Retraction as Market Reacts
Following the announcement, Toncoin surged approximately 11–12%, reaching above $3.05 before retracing to $2.81 within 24 hours. Data from CoinMarketCap showed a 17.53% decline in 24-hour trading volume, reaching $419.33 million and a market capitalization of $6.94 billion.
Despite the correction, the high trading activity reflected a temporary rise in investor confidence driven by the residency claim. However, the price dipped about 6% from its high after UAE authorities issued their joint statement denying the legitimacy of the staking program as a path to residency. TON Foundation, based in Dubai, has not yet issued a formal statement. A TON representative noted that public announcements are expected soon.
Related: UAE Denies Golden Visas for Crypto Investors, Clarifies Rules
CZ Cites Past UAE Visa Experience and Opens Door for BNB
In response to the ongoing debate, CZ commented that if TON’s Golden Visa claim proves legitimate and government-backed, Binance would explore similar opportunities for BNB holders. “We will strive for BNB” users to receive the same treatment, he said, contingent on official verification.
Zhao also shared his own experience with the UAE Golden Visa, noting that he received it through official channels upon his arrival in the country, possibly under the retiree category. He explained he eventually purchased a property in Dubai to ensure he did not “owe” any obligations.
The UAE Golden Visa offers numerous benefits, including full business ownership, permission to live, work, and study without a sponsor, as well as access to premium services. The visa extends to the holder’s spouse, children, and parents.
Traditionally, Golden Visas require a real estate investment of at least $500,000 or proven entrepreneurship or exceptional talent. In contrast, the TON-based offer appeared more accessible to Web3-focused investors, although its legitimacy remains in question.
