Binance, a leading crypto exchange, made a significant announcement on Tuesday regarding Toncoin (TON). The exchange disclosed that it is incorporating TON into its Simple Earn locked products. This news, coming at a time when Telegram is under legal scrutiny worldwide, has attracted notable attention within the crypto community.

As per the official Binance announcement dated September 3, Toncoin is now available on Simple Earn locked products. The exchange stated, "Complete subscriptions to TON on Simple Earn Locked Products during the Promotion Period to get up to 5.9%* in APR rewards," enhancing its appeal to users.
To qualify, subscriptions must be made between September 3, 10:00 UTC, and September 23, 09:59 UTC, according to Binance. Additionally, the subscription process is on a first-come, first-served basis, with minimum and maximum subscription limits and duration requirements impacting the APR users can earn. Rewards will be distributed daily.
Following this, Binance released a list of the products included in the announcement. Locking TON for 30 days provides a standard APR of 1.20% and 2.59% during the promotion period. The minimum subscription amount is 0.1 TON, with a maximum of 50,000 tokens.
Locking TON for 60 days offers a standard APR of 1.90%, increasing to 3.9% during the promotion period. For this option, the minimum subscription is 0.1 TON, with a maximum of 20,000 tokens. For a 90-day lock, users receive a standard APR of 3.90%, rising to 5.9% during the promotion period, with a minimum subscription of 0.1 TON and a maximum of 200 tokens.
Overall, Binance's announcement has drawn considerable attention to Toncoin, the native cryptocurrency of The Open Network blockchain, formerly known as the Telegram Open Network. The token faces ongoing challenges due to uncertainties surrounding Telegram and its CEO's legal issues.
Following legal scrutiny in France, Telegram, led by Pavel Durov, continues to confront legal challenges globally. Recent reports indicated that South Korea has investigated Telegram for allegedly facilitating the distribution of sexually explicit deepfake content.
Toncoin Price Today
Interestingly, the broader crypto market showed signs of recovery today, with TON's price climbing 1% to $5.24. However, concerns remain among investors due to the ongoing legal challenges facing Pavel Durov.
Toncoin's weekly chart reflects a nearly 2% decline, while the monthly chart shows a 14% drop. The intraday low and high were recorded at $5.10 and $5.27, respectively.
According to Coinglass data, Toncoin's futures open interest rose by 1.83% to $285 million, alongside a 4.62% increase in derivatives volume to $307.87 million. Despite these optimistic market statistics, the coin remains under pressure due to Telegram's legal challenges. Crypto market participants continue to watch Toncoin closely for any changes in its price movements following Binance's announcement, which has enhanced the token's appeal to users.
Additionally, Binance continues to strengthen its position in the crypto market, creating new trading opportunities. The exchange recently extended support to the FLUX token by announcing a futures listing, resulting in a nearly 25% price increase and sparking positive discussions in the broader industry.

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The U.S.-listed spot Bitcoin ($BTC ) exchange-traded funds (ETFs) faced challenges on Monday, as concerns about growth and a decline in Nvidia (NVDA) shares negatively impacted market sentiment. The 11 ETFs saw a combined net outflow of $287.8 million, the largest single-day outflow since May 1, when over $500 million was withdrawn, according to data from Farside Investors.

Fidelity's FBTC was the most affected, with $162.3 million in withdrawals. Grayscale's GBTC saw an outflow of $50.4 million, while BITB and ARK experienced outflows of $25 million and $33.6 million, respectively. Other ETFs accounted for the remaining outflows, and BlackRock's IBIT recorded zero inflows for the second consecutive trading day.

On Tuesday, Bitcoin's price dropped by over 2.7% to $57,500, reversing the gains from Monday. The decline followed the release of the U.S. ISM manufacturing PMI, which fell below 50, signaling continued contraction in manufacturing activity in August. This data renewed fears of slower economic growth, putting pressure on risk assets, including cryptocurrencies.

"Fears of an economic slowdown resurfaced following a weaker-than-expected manufacturing PMI, with Nvidia leading the market decline, losing 9.54%," said crypto OTC liquidity network Paradigm in a Telegram broadcast.

At the time of writing,
$BTC was trading at $56,500, continuing its overnight decline, while S&P 500 futures were down 0.4%.

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