- UAE regulators dismiss Toncoin visa rumors, affirming no official backing.
- Changpeng Zhao distances from the campaign after verifying claims.
- Toncoin’s brief price surge is followed by a swift decline.
Main Content
The United Arab Emirates has refuted allegations of a Toncoin visa scheme linked to crypto staking. Regulatory bodies issued an official denial, emphasizing golden visas are strictly approved through recognized channels.
The rejection of the visa scheme underscores the importance of verifying investment opportunities. The market responded to the denial with concern, influencing Toncoin’s valuation.
The UAE’s Federal Authority for Identity, Citizenship, Customs, and Port Security, among others, confirmed that visas are not linked to cryptocurrency investments.
The TON Foundation, associated with earlier promotions, failed to gain regulatory approval.
Changpeng Zhao, previously intrigued by the project, dismissed it upon learning of its lack of official backing.
“Dismissed the Toncoin campaign after verifying its lack of official backing and regulatory approval.” – CoinCentral. Pavel Durov shared a related post but provided no formal statement, illustrating contrasting industry reactions.
Following the UAE’s statement, the Toncoin market experienced volatility, initially spiking and then dropping. Such fluctuations highlight the influence of regulatory clarity on asset performance.
Other assets remained largely unaffected.
Potential ramifications include increased regulatory scrutiny of crypto-based residency schemes. Such vigilance may deter illegitimate offers while prompting investor caution, ensuring alignment with international standards. Historical trends indicate that sanctions often deflate speculative market surges.
