A circulating statement that staking Toncoin could guarantee a 10-year UAE visa has now officially been dismissed, dispelling a brief wave of excitement that even caught the attention of Binance founder Changpeng Zhao.
Initial reports emerged on July 5, when the TON Foundation announced the now-exposed program offering 10-year residency in the UAE for applicants staking $100,000 in Toncoin. Promising high returns and no risk, this announcement quickly spread throughout the industry, attracting the attention of CZ.
“That's great,” the UAE-based founder of Binance wrote, adding that if the proposal is real, BNB Chain will consider launching something similar.
But his excitement did not last long. Shortly after, the Emirates News Agency issued an official statement denying this claim, confirming that there is no government-backed visa program related to staking Toncoin.
Officials stated that promotional programs offering golden visas in exchange for $100,000 worth of staked tokens are false, clarifying that TON is not licensed or regulated in Dubai for such purposes.
CZ previously stated that he is working to verify the claims. He pointed out some suspicious signs in the reports, including the lack of any official government statements or partnerships, questioning the legitimacy of the proposal.
After the UAE's denial, Zhao responded with a laughing emoji. He further described TON's move as 'aggressive and misleading marketing', urging the community to be cautious and verify bold claims before accepting them at face value.
Meanwhile, TON is facing backlash. Some community members have criticized the foundation's announcement, expressing disappointment with the ecosystem and warning that such a move would damage the project's reputation.
Despite the criticism and clarification from UAE authorities, TON has yet to issue an official statement and the website promoting this misleading initiative remains operational.
