Toncoin’s official website promoted a campaign promising investors a 10-year UAE Golden Visa by investing $100,000 worth of TON and paying a $35,000 processing fee. However, this announcement quickly collapsed after statements from three major UAE regulators. 

UAE Authorities: “No Official Connection” 

The Federal Authority for Identity and Citizenship (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) issued a joint statement declaring that this campaign has no official backing. VARA specifically stated that Toncoin is unregulated and emphasized that the visa system is unrelated to digital assets. 

ICP further explained that the Golden Visa program only targets contributions in specific fields. Digital asset investments do not fall within this scope, unlike areas such as science, entrepreneurship, real estate investment, and humanitarian work. 

Meanwhile, Binance founder Changpeng Zhao (CZ) responded to the situation. On social media platform X, he pointed out contradictions in the Ton Foundation’s statements and questioned why no official government endorsement was released. 

I am a supporter of Durov, especially given his current situation.

But I like to "trust but verify".

I'd expect something like this to have a government partnership, and announcement.

It might still be true, just saying I haven't been able to verify.

— CZ BNB (@cz_binance) July 6, 2025

Investor Confidence Shaken: Toncoin Experiences Sharp Pullback 

Toncoin’s price fell from $3.03 to $2.84 on July 7 due to selling pressure. This drop wiped out the 12% gain from the previous day. According to Binance data, TON is currently trading near $2.80. 

Investors have quickly lost confidence in the campaign. Telegram CEO Pavel Durov’s reposting of the campaign raised expectations, but no official statement has come from him. Meanwhile, the Emirates News Agency (WAM) warned the public against unofficial programs and emphasized the importance of relying solely on official sources. 

Experts say such marketing campaigns risk misleading investors and call for greater transparency and regulatory compliance in crypto projects. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Golden Visa Promise Spurs Rise, UAE Denies: Market Reacts! appeared first on Coin Engineer.