- Binance founder CZ responds to Toncoin’s Golden Visa claims, calling them exciting but lacking legal grounding.
- UAE authorities shut down reports linking crypto investments to residency visas, citing misinformation concerns.
- CZ hints at a possible BNB-based residency program—only if it’s fully approved by regulators.
Binance founder Changpeng Zhao has raised doubts over Toncoin’s recent claims about a UAE Golden Visa initiative linked to crypto investment. Although he praised the idea as “awesome if true,” Zhao emphasized the importance of regulatory clarity and government approval.
According to Zhao’s post on X, the initiative promoted by Toncoin showed several signs of inconsistency. Some outlets reported paid forwarding of visa applications, and others said it was RAK DAO only and not related to federal authorities in the UAE.
The program presented on the Toncoin page and promoted by Telegram CEO Pavel Durov was not mentioned anywhere on the UAE’s official government websites. To emphasize this point, Zhao stressed that such a program would need a good license from agencies such as VARA, ADGM, or the SCA, none of which accept TON now.
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UAE Authorities Deny Crypto Visa Claims, Warn Public
Following the online buzz, UAE regulatory bodies issued a joint statement rejecting the existence of any cryptocurrency-based Golden Visa path. The statement came from the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the SCA, and VARA.
Regulators explained that the Golden visas can only be granted in select other classes and categories, such as real estate investors, scientists, humanitarian contributors, and persons of exceptional talent. The approved pathways will not include crypto investment.
VARA also mentioned that Toncoin is not licensed or governed in Dubai. It was encouraged that residents and those interested in immigration, as investors, turn off misleading information and only approach government-approved channels to seek immigration-related services.
BNB Residency Program Could Follow With Full Legal Backing
During the discussions, one X user proposed that Binance consider a similar residency model based on BNB staking. Zhao responded positively, stating that if such a framework is fundamental and legally recognized, Binance would explore the possibility.
Although the Toncoin announcement appeared to elicit a market response and cause a temporary increase in price, the UAE regulators have finally clarified. This has brought the debate back to the issue of regulatory compliance prior to the initiation of such action.
Zhao’s cautious optimism suggests that the crypto sector would be interested in blockchain-based legal residency status. Nevertheless, the UAE government’s quick negation is a reminder that regulatory approval is vital to earning the people’s credibility and trust.
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