- Binance CZ praised the supposed Toncoin’s UAE Golden Visa partnership, calling it “awesome if true,” but questioned its legitimacy.
- CZ hinted that Binance could explore a similar model for BNB, but only if such programs are proven to be real.
- UAE authorities have denied that investments in cryptocurrency qualify for Golden Visa eligibility.
Binance founder Changpeng Zhao (CZ) has responded to Toncoin’s now-debunked UAE Golden Visa initiative and floated the idea of a similar program for BNB holders, if such a model were ever officially verified. While CZ praised the concept as “awesome if true,” he also raised several concerns.
Related: BREAKING: Toncoin Partners with UAE to Offer Golden Visa, Driving TON Price Up 10%
‘Awesome If True’: CZ’s Reaction to the Hype
In a post on X, CZ noted that while the idea was compelling, several reports pointed to inconsistencies. Some sources claimed the program was merely a paid service that forwarded visa applications to agents. In contrast, others suggested it was only approved by Ras Al Khaimah’s RAK DAO, without federal authority.
CZ also highlighted that such a program would likely require licenses from regulatory bodies like VARA, ADGM, or the SCA, licenses that TON may not currently hold.
Despite being promoted on the TON website and by Telegram CEO Pavel Durov, the program is not listed on any official UAE government portal.
UAE Government Denies Golden Visa for Crypto Investors
Shortly after the announcement went viral, UAE authorities issued a denial. In a joint statement, the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA) confirmed that digital currency investment is not an approved criterion for the Golden Visa program.
Golden Visas are currently granted to real estate investors, entrepreneurs, top students and graduates, individuals with exceptional talent, scientists, humanitarian pioneers, and frontline workers, but not crypto holders.
Authorities warned against misinformation and emphasized that visas are issued only under a strictly regulated framework. The SCA clarified that cryptocurrency investments fall under separate financial regulations and have no bearing on visa eligibility.
VARA also stated that “TON” is not licensed or regulated in Dubai and urged the public to engage only with licensed entities when applying for immigration services.
Related: UAE Breaks Records with $45.6 Billion in FDI Inflows, Ranks 10th Globally in 2024
BNB May Follow — If the Model Is Ever Legitimate
Amid the initial uncertainty, one user on X suggested Binance should consider a similar BNB staking-based residency program. CZ replied, “If it is real, we will definitely try to get it on BNB too.”
He hinted at Binance’s openness to exploring such possibilities in the future, provided they are legal and government-backed.
Notably, the initial Toncoin’s announcement created major buzz in the crypto community, including an over 10% spike in the price of TON. However, the UAE’s denial has poor child labor on the hype.
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