Crypto exchange giant Binance has announced the addition of Toncoin (TON) to its Simple Earn locked products, despite ongoing legal issues surrounding Telegram. This development has drawn significant attention within the crypto industry, as Telegram, the original developer of The Open Network (TON) blockchain, faces legal scrutiny globally.
Binance Adds Toncoin to Simple Earn Locked Products
In an official announcement dated September 3, Binance revealed that its Simple Earn division is now offering Toncoin on its locked products. The exchange also introduced a promotional period during which users can earn up to 5.9% in annual percentage rate (APR) rewards by subscribing to TON on Simple Earn Locked Products.
To qualify for these rewards, users must subscribe between September 3 at 10:00 UTC and September 23 at 09:59 UTC. Binance stated that the subscription process will operate on a first-come, first-served basis, with specific minimum and maximum subscription limits and duration requirements affecting the APR users receive. Rewards will be distributed daily.
The exchange detailed the products available for TON subscribers:
Locking TON for 30 days offers a standard APR of 1.20%, which increases to 2.59% during the promotion period. The minimum subscription amount is 0.1 TON, with a maximum limit of 50,000 tokens.
For a 60-day lock, the standard APR is 1.90%, rising to 3.9% during the promotion period, with the same minimum subscription of 0.1 TON but a maximum limit of 20,000 tokens.
A 90-day lock offers a standard APR of 3.90%, increasing to 5.9% during the promotion period. The minimum subscription remains 0.1 TON, while the maximum is set at 200 tokens.
This announcement has significantly spotlighted Toncoin, the native cryptocurrency of The Open Network blockchain, previously known as Telegram Open Network. However, Toncoin’s trajectory remains uncertain amid the ongoing legal battles faced by Telegram and its CEO, Pavel Durov.
Legal Troubles and Market Sentiment
Telegram has been under intense legal scrutiny in various countries, including France and South Korea. Recently, South Korean authorities investigated Telegram for allegedly facilitating the spread of sexually explicit deepfake content, adding to the platform’s legal woes.
Despite these challenges, Toncoin’s price experienced a slight rebound, rising by 1% to $5.24. However, investor concerns persist due to the broader uncertainty surrounding Telegram’s legal issues.
Toncoin’s performance over the past week shows a nearly 2% decline, with a 14% drop over the past month. The coin’s intraday lows and highs were recorded at $5.10 and $5.27, respectively.
Meanwhile, Coinglass data indicated a 1.83% increase in Toncoin’s futures open interest (OI) to $285 million, along with a 4.62% rise in derivatives volume to $307.87 million. Although market indicators suggest some optimism, the ongoing legal drama surrounding Telegram continues to cast a shadow over Toncoin’s future.
As Binance’s announcement brings new opportunities for Toncoin holders, the crypto community remains watchful of further developments in both the coin’s price action and Telegram’s legal saga.
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