Toncoin (TON) Faces Hurdles with Exchange Listings, Despite Ranking Among Top 10 Cryptocurrencies by Market Capitalization

A major source of skepticism surrounding Toncoin (TON) is the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Telegram

Toncoin (TON), a leading cryptocurrency by market capitalization, continues to face hurdles in securing listings on major exchanges despite recent price corrections. While TON trades above $7, its absence from platforms like Binance and Coinbase is attributed to regulatory issues in the U.S. market.

One key factor impacting Toncoin's exchange listings is the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Telegram, Inc. In late 2019, the SEC barred Telegram from issuing Grams, the initial tokens of the project.

Despite Toncoin being rebranded and adopting a new strategy, the legal battle with the SEC over the initial tokens continues to raise concerns for exchanges that cater to U.S.-based clients.

The 2019 ban on selling Grams was enforced by a single U.S. judge and aimed to prevent the tokens from being sold globally due to concerns about their potential resale in the U.S. market. This legal backdrop remains a crucial factor affecting Toncoin's potential listing on major exchanges like Binance and Coinbase.

Meanwhile, Toncoin is a highly active cryptocurrency network, boasting nearly 600 million Tether (USDT) as a native asset and supporting numerous active bots, much like Solana's model. Despite the impressive activity and growing user base, Toncoin faces challenges in securing listings on major centralized exchanges.

In a recent discussion on the “Boom! It’s on the Blockchain!” podcast, the host, Alastair Caithness, suggested that Binance might be hesitant to list Toncoin due to its own established blockchain, Binance Smart Chain. Listing Toncoin could be seen as promoting a significant competitor to Binance's future growth.

Recently, Toncoin has shown strong competition even against Ethereum in terms of daily active users. With 9.6 million daily active wallets, Toncoin outpaces Ethereum's 300,000 to 500,000 daily active wallets. The network's activity is further boosted by popular bots like Banana Gun, contributing to an estimated 32 million total users.

The Toncoin network and its codebase are managed by an international community of voluntary developers, with 13 core developers currently supporting its growth. Originally branded as the Telegram Open Network (TON), Toncoin retains close ties to the Telegram app, which serves as a platform for both communication and crypto trading. Toncoin was rebranded from the initial project created by Pavel and Nikolai Durov.

The open-source blockchain now supports 4 to 5 million monthly active users, with over 1 million tokens active on the network. This growth is driven by trends such as gaming, NFTs, decentralized finance, trading bots, and meme tokens. Toncoin also supports mini-apps with micropayments, enhancing the usage and supply of USDT.

Despite these features and activity, Toncoin has limited exchange listings. To address this, the newly launched Notcoin (NOT) reflects the same ecosystem and has been listed on Binance, emerging as a top liquid asset. In the past 24 hours, NOT increased by 10% to $0.017, bucking the broader market trend.

The Telegram app is linked to Toncoin through its advertising revenue programs, such as Telegram Ads and Adsgram, which collectively deliver up to 8 million impressions. These platforms contribute to Toncoin's banner and video ad economy.

However, Telegram's growing user base in the EU could lead to stricter regulatory requirements if it exceeds 45 million users. Additionally, while Telegram groups face challenges with scams and malicious links, these issues are not the primary concern for centralized exchanges regarding Toncoin.

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