Over the past year, Toncoin (TON), the cryptocurrency originating from Telegram, has experienced rapid development. Its relationship with Binance, the world’s largest cryptocurrency exchange, has attracted significant market attention.
Despite TON’s soaring popularity and strategic advancements, the reason why Binance hasn’t listed Toncoin (TON) for spot trading remains a mystery. However, there are a few potential insights into this issues.
Initial worries about TON’s token distribution - specifically, the concentration of supply in a few wallets - might raise risks of market manipulation. But TON Foundation has taken steps to improve transparency and address these issues. Binance might be waiting for a more decentralized distribution and improved liquidity before making the move. Ensuring the TON network can handle the high volumes and demands of Binance’s trading environment might also require additional technical work and preparations.
TON’s previous run-ins with the SEC may still be a factor. Exchanges like Binance are super cautious about listing tokens that could invite regulatory scrutiny, making sure they tick all the legal boxes before moving forward. With Binance operating globally, ensuring TON’s listing complies with all the varied regulatory frameworks is a complex task that might take more time and diligence.
There’s a theory that TON’s mastermind, Pavel Durov, might be deliberately pacing the Binance listing to align with strategic milestones in TON ecosystem. This could ensure the market and technical foundations are rock-solid when the listing finally happens. By delaying the listing, there’s also a possibility of generating more hype and FOMO (Fear Of Missing Out), which could drive even greater interest and trading volume when the listing eventually takes place.
Of course, all of the above are just speculations, and the true reasons behind this might forever remain a mystery. However, good things often take time. Today, let’s take a look back at the story between TON and Binance.
2023: Ton’s Rapid Rise
- Ton’s price soared to an all-time high of $7.79, with a yearly increase of 342%.
- Investor interest surged, large transactions became frequent, and Toncoin entered the top 10 cryptocurrencies list.
- Telegram launched “Telegram Stars,” an internal currency exchangeable for Toncoin, further enhancing the utility of the TON ecosystem.
March 1, 2024: Binance Futures Launches TON Perpetual Contracts
- Binance introduced TON perpetual contracts with up to 50x leverage.
- This move sparked market interest, leading to a 10% increase in Toncoin’s price.
April 19, 2024: Eve of TOKEN2049 Conference
- Markets anticipated major announcements at the TOKEN2049 conference.
- Toncoin’s price rose 18% on these expectations.
May 9, 2024: Binance Lists Notcoin (NOT)
- Binance announced the listing of Notcoin (NOT) on its Launchpool.
- Toncoin’s price subsequently increased by 14%, reflecting increased market activity.
May 23, 2024: Binance Adds New Port for Toncoin
- Crypto monitoring bots detected Binance adding a new port for Toncoin.
- This sparked speculation about Toncoin’s potential listing on Binance’s spot market.
May 25, 2024: Notcoin Gains Popularity on Telegram
- Games like Notcoin became increasingly popular on the Telegram platform.
- The market viewed this as potentially paving the way for Toncoin’s listing on Binance.
June 12, 2024: New Notcoin Trading Pair Listed on Binance
- Notcoin (NOT) price surged 16% following the listing of new trading pairs on Binance.
- This reinforced market expectations for a potential Toncoin listing on Binance soon.
Aug 8, 2024: TON listing on Binance
- Binance will list TON with Seed Tag applied at 2024-08-09 10:00 (UTC).