CZ doubts TON’s UAE Golden Visa staking offer, citing no official backing, but considers BNB staking if verified. TON surged 10% despite skepticism.
CZ is proceeding with cautious optimism, despite the increasing momentum of reports regarding the staking of TON Token for the UAE Golden Visa offer. The founder of Binance indicates that the assertion may be “too good to be true” while perusing the horizon for an official government announcement to substantiate the statements.
CZ Raises Concerns Regarding UAE Golden Visa Offer
According to a blog post, the Ton Foundation is providing the United Arab Emirates (UAE) with a 10-year Golden Visa in exchange for the staking of $100,000 in Toncoin. For the 10-year visa, applicants must stake $100,000 in TON tokens over three years and pay a one-time processing fee of $35,000.
Nevertheless, Changpeng Zhao, the founder of Binance, has expressed some skepticism regarding the veracity of the claims. Immediately, CZ asserts that he is obtaining conflicting information regarding the Ton Foundation’s assertions.
On the one hand, CZ’s sources indicate that Golden Visa applications through agents typically cost approximately $1,000. The claims of a guaranteed visa from staking TON tokens and the exorbitant $35,000 processing fee are causing the Binance founder to raise eyebrows.
Second, CZ emphasizes the conspicuous absence of a government-sponsored press release to substantiate the Ton Foundation’s assertions. According to sources, staking is a regulated activity requiring the Ton Foundation to obtain licenses from local regulators such as the ADGM, SCA, and VARA. The United States Securities and Exchange Commission (SEC) has postponed Bitwise’s Ethereum ETF staking application, as global regulators are increasing the pressure on crypto staking.
“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 aims to achieve involvement in BNB as the TON Token soars
CZ has stated that he will pursue a BNB staking solution if the allegations of staking TON in exchange for a UAE Golden Visa are accurate. The Binance Coin ecosystem is a hive of activity, with Nano Labs establishing a BNB Treasury in response to the increasing DEX metrics.
CZ has a long history of affiliation with the United Arab Emirates, having obtained citizenship and relocated to Dubai in 2021. Binance has since received regulatory sanction from Dubai’s VARA and another from Abu Dhabi’s ADGM.
In a frenetic rally, the Ton token is currently trading at $2.90, a 6% increase from the previous day. The crypto experienced a brief surge to $3.05, after which it experienced a slight decline, resulting in a market capitalization of $7.17 billion, per CoinMarketCap data.
Ton’s daily volume has reached a record high of $643.4 million, a 607% increase from the previous day. On the heels of a sudden Sunday pump, the remainder of the crypto market is experiencing a rally, with most assets trading in the green. The Ton token price may experience a significant increase to new heights in response to an official government announcement at the beginning of the week.
