Former Binance CEO Changpeng “CZ” Zhao has questioned a TON Foundation initiative claiming to offer a UAE Golden Visa. On February 8, Zhao pointed out the lack of official UAE confirmation, raising doubts about the program’s legitimacy.

The initiative claims to offer a 10-year UAE residency for stability and regional access but without government backing.

This article examines TON’s announcement, Zhao’s skepticism, and the implications for crypto users seeking a presence in the UAE.

TON’s Golden Visa Announcement

On February 5, the TON Foundation, the organization supporting The Open Network. The program was promoted as a special pathway for TON community members to obtain a UAE Golden Visa, requiring a minimum holding of $50,000 in Toncoin.

The announcement generated significant excitement. The UAE Golden Visa offers a 10-year renewable residency, allowing foreigners to live, work, and study without a local sponsor. It’s popular among investors, entrepreneurs, and skilled professionals particularly in tech and crypto.

TON’s program was framed as a way to strengthen its ties with the rapidly growing crypto ecosystem in the UAE. The collaboration with HUMAN Protocol was intended to facilitate the application process, making it more accessible for crypto natives. The promise of an easier route to long-term residency was a powerful incentive for many in the TON ecosystem.

CZ’s Skepticism and the Community’s Reaction

Just a few days after the announcement, Changpeng “CZ” Zhao took to X (formerly Twitter) to voice his concerns. In a post, he stated, “The UAE government has not announced this. This is high risk.” His comment quickly gained traction, given his prominent status in the crypto world and his own residency in the UAE.

Zhao’s warning centered on a critical point: the absence of any official statement from UAE government bodies. Typically, updates or new developments in national visa programs, such as the Golden Visa, are announced via official government channels. The silence from the UAE authorities was a major red flag.

Following CZ’s post, the crypto community became divided. Some users thanked him for the alert, sharing their own suspicions about the program’s authenticity. Others pointed out that official announcements can sometimes lag behind partnership-driven initiatives. However, the prevailing sentiment shifted toward caution. Zhao’s intervention prompted a reassessment of risks, need to verify information with government sources before committing funds or personal data.. The incident underscores the crypto adage: “trust, but verify.”

The Importance of Official Verification

This episode highlights a crucial lesson for anyone involved in the crypto industry: always seek official verification. The allure of exclusive opportunities can sometimes lead individuals to overlook potential risks.

Relying on third-party announcements, even from reputable organizations, without cross-referencing them with official government sources can be dangerous. Scams are unfortunately common, and they often exploit the excitement around popular trends or programs like the Golden Visa.

For those interested in the UAE Golden Visa, consult the official UAE government websites or recognized service centers. These official portals provide accurate, up-to-date information on eligibility criteria, application processes, and authorized partners. Acting on unverified information not only poses a financial risk but can also lead to serious legal complications.

Looking Ahead: Clarity on the Horizon?

CZ’s questions have put pressure on both the TON Foundation and the UAE government to clarify the situation. The TON Foundation needs a endorsement to maintain credibility, that protect applicants and safeguard the integrity of its visa programs.

As of now, the situation remains unresolved. The lack of an official announcement continues to fuel speculation and caution. The crypto community would be wise to treat TON’s Golden Visa pathway with a healthy dose of skepticism. This event is a powerful reminder that in the fast-moving world of cryptocurrency, due diligence and official confirmation are non-negotiable.

Frequently Asked Questions (FAQs)

What is the UAE Golden Visa?

It grants foreigners up to 10 years of residency to live, work, or study without a local sponsor. It targets investors, entrepreneurs, scientists, students, and other skilled individuals to attract talent to the country.

What did The Open Network (TON) announce?

The TON Foundation and HUMAN Protocol claim $50,000 in Toncoin can unlock a UAE Golden Visa.

Why did Changpeng “CZ” Zhao question the program?

CZ, former Binance CEO, questioned the program’s legitimacy due to the lack of an official UAE government announcement or confirmation. He highlighted this as a “high risk” for potential applicants.

Has the UAE government commented on TON’s program?

As of now, UAE government sources have remained silent on the matter. There has been no official statement confirming or denying their involvement in the initiative announced by the TON Foundation.

What should I do if I am interested in the UAE Golden Visa?

You should always consult official UAE government websites and authorized service centers for information on the Golden Visa.

Key takeaways:

• Bitcoin price taps $110,000, but low spot buying demand suggests the upside could be limited.
• High retail FOMO and a near-overbought RSI signal a potential BTC price correction.

Since hitting a three-week high of $110,300 on July 2, Bitcoin (BTC) has formed lower highs and lower lows on the 1-hour chart.

As the end of the week approaches, BTC price has failed to break above the all-time high at $112,000.

What’s keeping Bitcoin price below $112,000?

Bitcoin’s price has risen 5% in the past 48 hours, hitting an intraday high of $110,392 on July 3.

However, a lack of buyers is limiting its push above the $112,000 all-time high. The spot volume delta shows net buying on exchanges remains negative despite BTC’s breakout attempt.

Related: Bitcoin may tap $116K in July amid ‘perfect storm’ of macro catalysts

This indicates weak momentum, which could trigger a pullback or consolidation if derivative-driven gains outpace spot market support.

“BTC is breaking out, but where’s the spot demand?” notes market data provider Swissblock Technologies in its latest X post, adding:

“Without real demand, breakouts run on fumes. We need buyers to sustain the price breakout.”

Looking ahead, K33 Research notes that spot volumes are typically lower from June to October, with July historically accounting for just 6.1% of annual trading.

. This could stop BTC’s attempt to hit fresh record highs over the next few weeks.

K33 Research wrote:

“Although July 2025 brings potential catalysts, including Trump’s budget bill, tariff decisions, and a crypto executive order deadline, seasonal patterns suggest markets may continue drifting in low-volume and low-volatility doldrums despite the busy news backdrop.”

As Cointelegraph noted, Bitcoin needs new spot buyer demand to break out of its current range and enter price discovery.

BTC price could see a “brief rally halt”

Bitcoin’s surge to $110,000 has triggered FOMO, with retail traders pushing for higher prices, Santiment reports.

“The crypto crowd has officially shifted from FUD to FOMO as Bitcoin climbs to $109.8K,” a July 3 post on X stated.

However, crypto market sentiment, currently in “greed” territory at 73, often signals a contrarian move. 

Historically, when retail traders exhibit excessive optimism, markets tend to reverse or pause as pro investors capitalize on overbought conditions. 

If accompanied by high trading volumes and speculative bets, this greed-driven sentiment can inflate prices temporarily, resulting in a pullback. 

Bitcoin’s relative strength index, or RSI, displays near overbought conditions in four out of six timeframes. This suggests that the price is entering the exhaustion zone, hinting at a potential correction in the shorter term.

As Bitcoin nears $110,000, rising euphoria may trigger a brief pause or consolidation before the uptrend continues.

Santiment wrote:

“Prices move opposite to retail traders’ behavior, so don’t be surprised by a brief rally halt while greed is high.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Russia’s energy ministry has launched a national registry of crypto mining rigs to weed out miners that dodge tax payments and illegal setups that steal power from the grid. 

State-run newspaper RIA Novosti said in a report on Friday that the Russian Ministry of Energy, the Federal Tax Service and the Ministry of Digital Development of Russia have “compiled a register” and sent it to “regions with increased miner activity.”

In June, Russian Finance Ministry official Ivan Chebeskov said that despite introducing crypto mining laws, only 30% of miners had entered the Federal Tax Service Register since late 2024. He also said the ministry was working on measures to bring the remaining 70% into the legal fold.

Russia hopes to tax and regulate crypto mining

Deputy Energy Minister Petr Konyushenko said in an interview with RIA Novosti, translated to English by Google, that this is a step toward “legalizing the industry and reducing illegal consumption.”

“The creation of such a register will allow for the precise identification of consumers using electricity for mining needs. This is necessary for applying special regulation and taxation to them.”

Russia’s Energy Ministry first flagged plans to create a national registry of crypto mining rigs and other related hardware in February to help enforce bans on mining in regions where it is prohibited, according to RIA Novosti.

Some Russian regions ban crypto mining

The Russian government began enforcing a crypto mining-related bill in November, introducing legal definitions and registration requirements for mining businesses.