Binance, a leading cryptocurrency exchange, has announced the listing of Toncoin (TON) and will begin trading for four spot pairs: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY.
Trading is set to commence at 10 a.m. UTC on Thursday, with withdrawals becoming available the following day at the same time. Binance has confirmed that the listing fee for TON is 0 BNB.
Seed Tag and User Precautions
Toncoin will be tagged with a "seed" label on Binance, indicating it as a higher-risk, volatile asset. Users wishing to trade TON must pass a quiz every 90 days, a measure intended to ensure they are fully aware of the associated risks.
This "seed" tag is typically applied to innovative projects that may experience significant price fluctuations. Over time, the tag may be removed depending on factors such as trading volume, liquidity, and project development.
Restrictions and Accessibility
It's important to note that users in certain regions, including Canada, Cuba, Iran, Japan, the U.S., and several others, will not be eligible to trade these pairs.
This is consistent with Binance’s restrictions on trading in certain jurisdictions.
Toncoin's Rapid Ascent
Toncoin, backed by the TON blockchain, has seen a rapid rise in popularity, partly driven by its integration with Telegram.
The blockchain now claims to support 5.8 million monthly active wallets, benefitting from the massive user base of Telegram, which reportedly has 950 million users.
The TON blockchain has also been the beneficiary of Telegram’s ad revenue sharing scheme, where profits are split with channel owners, paid out in Toncoin.
In addition, TON's popularity has been further boosted by the launch of mini-games on Telegram, such as Notcoin and Hamster Kombat, which have driven a significant increase in active addresses on the network.
This gaming craze has contributed to Toncoin’s position as one of the top ten cryptocurrencies by market capitalisation, currently valued at $15.8 billion.
This marks more than a doubling of its market cap since the start of 2024.