Binance Makes Key Announcement on Toncoin Amid Telegram Saga

Crypto exchange pioneer Binance on Tuesday issued a vital announcement on Toncoin (TON). The exchange revealed that it is adding TON on simple earn-locked products. This announcement, while Telegram faces legal scrutiny across the globe, has gained significant traction across the crypto industry.

Binance Adds TON On Simple Earn Locked Products

According to an official announcement dated September 3, Binance Simple Earn is adding Toncoin on locked products. Further, the CEX added that “Complete subscriptions to TON on Simple Earn Locked Products during the Promotion Period to get up to 5.9%* in APR rewards,” solidifying user appeal.

For guaranteed eligibility, subscriptions must take place between September 3, 10 UTC and September 23, 09:59 UTC, the CEX added. Further, the subscription format set by the crypto exchange is on a first-come, first-served basis. Also, the minimum subscription amount, maximum subscription limits, and duration requirements will influence the APR a user receives. The reward distribution will be held on a daily basis.

Subsequently, Binance rolled out a list of offered products as a part of the abovementioned announcement. Locking TON for a duration of 30 days offers standard APR of 1.20%, while 2.59% during the promotion period. The minimum subscription limit set by the exchange us 0.1 TON, while maximum is set at 50,000 tokens.

Simultaneously, locking for a duration of 60 days offers users standard APR of 1.90%, whereas 3.9% during the promotion period. The minimum subscription for this aspect is 0.1 token, whereas the maximum is 20,000 tokens. Lastly, locking for 90 days will offer 3.90% standard APR to users, whilst 5.9% during the promotion period. The minimum subscription limit is 0.1 token, while maximum is 200 tokens.

Overall, this announcement by Binance has garnered significant attention to the native crypto of The Open Network blockchain, previously known as Telegram Open Network. Also, it’s worth noting that the token currently faces turbulence as market sentiments brimming with uncertainty over Telegram and its CEO’s legal scrabble.

Notably, following legal scrutiny in France, Durov’s messaging app continues to tackle legal eagles globally. CoinGape Media recently reported that S. Korea probed into Telegram, investigating whether it aided in spreading sexually explicit deepfake content.

Toncoin Price Today

Intriguingly, the broader crypto prices today illustrated a rebound action after waning recently. Riding along the wave, even TON price soared 1% to trade at $5.24. However, with the recent saga around Pave Durov weighing in, investor concerns persist.

Toncoin’s weekly chart illustrated a nearly 2% dip in value, while the monthly chart illustrated a 14% crash. Its intraday lows and highs were recorded as $5.10 and $5.27, respectively.

Meanwhile, Coinglass data revealed a 1.83% jump in the coin’s futures OI to $285 million. This was further accompanied by a 4.62% increase in the derivatives volume to $307.87 million. Nevertheless, despite market stats being optimistic, the coin rides waves of undertanity amid Telegram’s legal chronicle. Crypto market participants continue monitor the crypto for further price action shifts as Binance’s announcement brings enhanced user offerings and appeal to the token.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.