Telegram Hits 10M Paid Subscribers as Pavel Durov Faces Compliance Challenges, But What's Toncoin's Fate?

Pavel Durov, the CEO of Telegram, recently announced that the social media platform has achieved a new milestone. Despite the legal challenges of the past month, the platform now has 10 million paid subscribers. But, is Toncoin's fate tied to it?

Telegram, the popular social media platform, has announced a new milestone: 10 million paid subscribers. This achievement comes despite the legal challenges faced by Telegram CEO Pavel Durov in recent months.

The paid subscriptions are part of Telegram Premium, a tier of the service that offers additional features such as increased file upload limits, faster download speeds, and ad-free browsing. The platform also has deep ties with Toncoin and other cryptocurrencies.

In addition to announcing the new milestone, Durov also noted that Telegram is introducing new features while phasing out older ones.

One feature that is being withdrawn from Telegram Premium is the People Nearby feature. According to Durov, this feature was used by less than 0.1% of Telegram users and was also susceptible to bots and scammers.

Instead of the People Nearby feature, the Telegram team is planning to introduce “Businesses Nearby”. This feature will showcase legitimate, verified businesses.

These businesses can also use this feature to display their product catalogs, creating a potential marketing avenue. A similar function is already available in the Business version of WhatsApp.

It is also worth noting that Telegram is making an effort to ensure its platform is safe for users and compliant with the necessary regulations. This became especially important after Durov's arrest in France in August.

The matter of Durov's arrest is related to the Telegram CEO's ongoing compliance issues. The 39-year-old is facing 12 count charges, including permitting the spread of child sexual abuse materials on Telegram.

While he has been released on a $5.56 million bail, he is still under close judicial scrutiny. Notably, he is restricted to remaining in France until all allegations against him are cleared.

In response to the situation, Durov has criticized the French authorities, accusing them of pursuing “misguided” criminal charges against him. In his first public comments since his arrest, he claimed that the authorities could have approached his company with their concerns.

The milestones and features may serve to expand the use cases of Telegram-linked projects, including Toncoin, Catizen, Notcoin, and Hamster Kombat.

The growing user base on Telegram bodes well for Toncoin in particular. The coin powers The Open Network, which supports the gaming apps in its ecosystem. With more users, demand for TON could increase and trigger new bullish momentum for the price.

When news of Durov's arrest and detention in France was circulating, the TON price was at risk of falling significantly. While the event did eventually take a toll on it, it has found support for around $4.5

As of last month, it ranked as one of the fastest-growing and top-performing tokens. However, at the moment, the coin is struggling to maintain its spot among the top ten coins in the market.

Within 24 hours, Toncoin's price registered a 5.98% drop and traded for $4.68. When Durov's bail was announced, the coin saw a rebound, climbing by about 6% to trade at $5.59 that period.

With its latest downturn, Toncoin's addresses in loss hit 42.59 million or 79.8% as per data from IntoTheBlock. However, this could change in the near future with sustained embrace of its associated tap-2-earn projects.

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