Former Binance CEO Changpeng "CZ" Zhao is casting doubt on a recent announcement by The Open Network ($TON ) that claims investors can obtain a UAE Golden Visa by staking $100,000 worth of Toncoin ($TON ) for three years and paying a $35,000 processing fee.
“Is this real?” CZ wrote on X, responding to TON’s Saturday announcement, which claimed that 10-year UAE residency could be secured within seven weeks under the program. The crypto founder pointed out the absence of any reference to the initiative on official UAE government websites and questioned which authority had approved the offer. “I got conflicting info so far,” he added.
The visa announcement has been widely circulated, particularly after Telegram CEO Pavel Durov reposted it via crypto influencer Ash Crypto. However, Durov’s signal boost wasn’t enough to ease CZ’s skepticism. “I like to trust but verify,” CZ said, despite being a recipient of a UAE Golden Visa himself.
While the news sent TON’s price up more than 11% in a matter of hours, Cointelegraph has not found any confirmation on websites of UAE government entities such as the Ras Al Khaimah DAO, the Securities and Commodities Authority, or the Abu Dhabi Global Market. The program, according to TON, is being handled by a third-party partner, which further obscures the initiative’s official backing.
“Our visa issuing partner in the UAE will review your details and guide you through the final steps,” TON stated in the original post.
The UAE has positioned itself as a global crypto and blockchain hub, recently unveiling initiatives in tokenized real estate and launching a Machine Economy Free Zone to explore AI and DePIN innovation. But for now, TON’s visa-for-staking program remains under scrutiny — even as investors rush in.
