Open Network (TON), a blockchain platform backed by Telegram, recently announced a unique offer promising to grant UAE Golden Visas for 10 years to those investing at least $100,000 worth of Toncoin (TON) over three years.

Furthermore, TON also claimed that the visa issuance process could be completed in less than seven weeks, with the entire process managed by UAE-based partners. The offer includes additional benefits such as estimated annual returns of 3 to 4 percent on staked TON and visa insurance for immediate family members.

$100K Stake, $35K Fee—But Where's the Evidence?

According to circulating reports, applicants will stake TON for three years and pay a significant fee to obtain a long-term UAE visa. However, CZ pointed out that the Golden Visa through agents typically costs around $1,000, making this offer unusually expensive.

He also emphasized that staking activities are regulated in the UAE and may require approval from local authorities such as VARA and ADGM, but no public statements have yet been made by any official bodies.

CZ Calls It "Too Good to Be True"

Binance founder Changpeng Zhao (CZ) expressed skepticism about the proposal and questioned its legitimacy.

He stated that the lack of confirmation from UAE government sources makes this deal "too good to be true". While some users noted that Telegram founder Pavel Durov had reposted the proposal, CZ remained cautious, stating that he prefers to trust but must verify.

Despite skepticism, CZ remains open to the idea. If the TON staking-for-visa claim is true, he said he would explore a similar opportunity using Binance Coin (BNB). Binance has deep roots in the UAE, with CZ holding UAE citizenship and the exchange receiving regulatory approval in both Dubai and Abu Dhabi.

UAE Regulators Reject Visa Application Requests Based on Cryptocurrency

However, UAE regulators in a joint statement denied offering Golden Visas to cryptocurrency investors, clarifying that such visas are limited to approved categories such as real estate investors, scientists, and top graduates.

They urged the public to avoid unverified offers regarding UAE cryptocurrency visa applications and to only transact with licensed cryptocurrency organizations, stating that there is no official support for TON's program.

TON Price Soars

As speculation rises, the TON token is witnessing a surge. It skyrocketed 6% to $2.90, briefly hitting $3.05 before stabilizing. Trading volume surged to $643 million in 24 hours, corresponding to a 607% increase. With the cryptocurrency market experiencing a general boost from the weekend rally, an official confirmation from the UAE could push TON even higher.