TON’s staking-for-visa claim rejected by UAE in rare joint statement
Main Idea
The TON Foundation's claim about staking Toncoin for UAE residency was debunked by UAE regulators, leading to criticism and the foundation's attempt to clarify its role.
Key Points
1. The TON Foundation faced backlash after a viral claim suggested staking $100,000 in Toncoin could fast-track UAE residency, which UAE regulators denied.
2. UAE regulators stated no formal approval or government endorsement was granted to TON for such a program.
3. The TON Foundation later clarified that no official Golden Visa program was launched in partnership with the UAE government.
4. Binance founder Changpeng Zhao initially showed interest but later distanced himself after the UAE's denial.
5. The incident highlights the risks of crypto projects making unverified claims and the importance of regulatory clarity.
Description
Three words from UAE regulators—“no formal approval”—torpedoed TON’s viral staking-for-visa proposition. The foundation insists it was merely testing the waters, but critics see another case of crypto jumping the gun. On July 7, the TON Foundation scrambled to clarify its role in an unauthorized golden visa initiative after UAE authorities issued a rare joint statement disavowing any involvement. The controversy began on July 5 when a since-deleted X post claimed that staking $100,000 worth of T...
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