TLDR
Toncoin dropped 10% after UAE regulators denied Golden Visa crypto link.
ICP, VARA, and SCA confirm no crypto-based residency pathway exists in UAE.
Binance’s CZ flagged lack of official UAE support in TON visa campaign.
Toncoin Foundation has not retracted its Golden Visa staking promotion.
Toncoin price fell by 10% after UAE authorities denied any connection between the project and the country’s Golden Visa program. The price decline followed a statement from three regulatory agencies, who clarified that no crypto-based pathway to residency is officially recognized.
The correction reversed earlier gains that had been driven by a Ton Foundation campaign promoting the Golden Visa offer. The campaign claimed that users who staked $100,000 worth of TON could become eligible for residency in the UAE.
UAE Authorities Dispute Toncoin Golden Visa Promotion
On July 6, the UAE’s Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement. The regulators denied the existence of any approved program linking cryptocurrency investments to the country’s Golden Visa scheme.
The ICP clarified that Golden Visas are awarded based on approved categories such as real estate, scientific contributions, entrepreneurship, and humanitarian work. It added that digital asset investments are not included under these categories.
According to the VARA, TON is not a registered or licensed virtual asset within Dubai’s regulatory framework. The regulator warned that any promotional materials claiming visa benefits through TON are not authorized and may mislead the public.
The SCA also confirmed that digital asset programs fall under separate regulations that do not intersect with the Golden Visa rules. The agencies urged the public to verify visa-related information only through official government websites.
Investor Confidence Declines After Regulatory Denial
The public rejection of Toncoin’s campaign by UAE authorities quickly triggered a sell-off in the market. Toncoin, which had risen by 12% after the Golden Visa announcement, fell by 10% following the joint regulatory statement.
The price drop was attributed to investor concern over the authenticity of the promotional offer. Many holders sold their TON tokens after realizing the visa claim lacked official backing. Trading volumes spiked as market participants reacted to the updated information from UAE officials.
Public distrust grew as the offer was revealed to be unsupported by the government. Analysts observed that the market’s response reflected the sensitivity of investors to regulatory disclosures in crypto-related promotions.
Binance Founder Questions Toncoin’s Announcement
Binance founder Changpeng Zhao also questioned the credibility of the Toncoin Golden Visa claim. In a post shared on social platform X, Zhao pointed out inconsistencies in the Ton Foundation’s messaging. He noted the absence of an official UAE press release to support the visa offer.
Zhao emphasized that without clear government documentation, such claims should be viewed with caution. “Always look for verifiable sources,” he stated, warning users not to rely on announcements that lack direct confirmation from regulators.
His comments were widely shared across social media, fueling further discussion about the need for clarity in crypto marketing.
Toncoin Foundation Yet to Issue Follow-Up Statement
As of press time, the Ton Foundation has not issued an updated statement addressing the UAE’s denial. The project’s website still displays the Golden Visa staking offer, though disclaimers were added in some sections.
Market participants are awaiting a formal clarification from the foundation. Some traders have called for a retraction of the campaign and greater transparency going forward.
Authorities, meanwhile, have reiterated their warning about unauthorized crypto-related offers. “The public must be cautious and confirm any benefits or services through official government channels,” the ICP said in its advisory.
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