TON Clarifies Golden Visa Initiative, Facing Backlash From CZ Over Misleading Crypto Marketing

The TON Foundation has recently faced controversy surrounding its UAE "Golden Visa" initiative. The program, which promised investors a pathway to secure a 10-year residency visa in the United Arab Emirates, has sparked debate and criticism, prompting the foundation to issue a public clarification and announce new leadership efforts to bolster its global presence.

TON Clarifies Unapproved Golden Visa Program

On July 7, the TON Foundation released an official statement addressing the premature announcement of its UAE "Golden Visa" initiative. The foundation clarified that the program is an independent collaboration with a licensed partner specializing in blockchain infrastructure and tokenized assets. Importantly, the initiative has not been officially approved or endorsed by the UAE government.

The foundation emphasized that the project is still in its exploratory phase, aiming to investigate how blockchain-based frameworks could support real-world residency pathways. However, any such offerings would be subject to applicable laws and regulations, and visa issuance would remain at the discretion of UAE government authorities.

The TON Foundation reiterated its commitment to responsible development and collaboration with trusted partners. The foundation stated that any official involvement in the future would be communicated transparently through appropriate channels.

CZ Criticizes TON’s Marketing Over Golden Visa Controversy

The controversy surrounding the initiative prompted reactions from prominent figures in the crypto industry. CZ responded to the situation, criticizing the marketing approach as misleading:

"Bruh, that was misleading marketing. Could have spelled out these details. There is a big difference between $35k + $100k staking to for a golden visa, vs to 'submit an application'. And the associated token price pump. These hurt the industry."

The announcement of the "Golden Visa" initiative initially led to a spike in Toncoin’s price, jumping to a one-month high of over $3.05.

However, following widespread skepticism about the program’s authenticity and its denial by UAE authorities, the token’s price immediately plummeted, currently trading at $2.81. This sharp decline has likely resulted in significant losses for many investors who bought in during the price surge.

This situation underscores the importance of clear and responsible marketing in the crypto space, as misleading initiatives can harm both investors and the industry’s reputation as a whole.

TON Foundation Responds and Seeks VP of Marketing to Rebuild Trust

In response to the criticism from CZ, Max, CEO of the TON Foundation, acknowledged the mistakes and addressed CZ directly replied:

"Fair, @cz_binance, I hear you. The messaging wasn’t clear enough. The initiative wasn't ready for launch and it leaked, and all of that’s on us. We course-corrected as quickly as we could because hype and confusion help no one."

This response highlights the foundation's recognition of the issues surrounding the initiative and its commitment to building responsibly within the blockchain industry.

To further strengthen its global brand and rebuild trust, the TON Foundation is now searching for a Vice President of Marketing. This new leadership role will focus on shaping and executing high-impact marketing strategies to grow the TON ecosystem, attract new users, and amplify the foundation's global presence.

The job posting outlines responsibilities such as budget creation, collaboration on video content for platforms like TikTok, Instagram, and YouTube, and working closely with the foundation's directors. The initiative comes at a crucial time as the TON Foundation seeks to recover from the "Golden Visa" controversy and demonstrate its dedication to transparency and responsible development.

This incident highlights the importance of clear communication and regulatory transparency in crypto marketing — an area the TON Foundation now appears committed to improving.