A viral claim that staking Toncoin could secure a 10-year UAE visa has now been officially denied, cutting short a brief wave of excitement that even caught the attention of Binance founder Changpeng Zhao. 

The reports first surfaced on July 5, when the TON Foundation announced the now-debunked program offering 10-year UAE residency to applicants who stake $100,000 worth of Toncoin. Promising high returns and zero risk, the announcement quickly spread across the industry, grabbing CZ’s attention.

“It would be awesome,” wrote the UAE-based Binance founder, adding that if the offer was real, BNB Chain would consider launching something similar.

But his excitement didn’t last long. Shortly after, the Emirates News Agency issued an official statement denying the claim, confirming there is no government-backed visa program tied to staking Toncoin. Officials stated that promotions offering golden visas in exchange for $100,000 in staked tokens were false, clarifying that TON is not authorized or regulated in Dubai for such purposes.

CZ had earlier said he was working to verify the claims. He pointed out several red flags with the reports, including the lack of any official government statement or partnership, questioning the legitimacy of the offer.

After the UAE’s rejection, Zhao responded with a laughing emoji. He further described TON’s move as “aggressive and misleading marketing,” urging the community to be cautious and verify bold claims before accepting them at face value.

Meanwhile, TON is facing backlash. Several community members have criticized the foundation’s announcement, expressing disappointment with the ecosystem and warning that such a move damages the project’s credibility. 

Despite the criticism and clarification from UAE authorities, TON has yet to issue an official retraction, and the webpage promoting the false initiative remains live.