Telegram’s blockchain project, the TON (Telegram Open Network), has been suspended due to regulatory challenges. Major cryptocurrency exchanges Binance and ByBit have halted all trading of the associated GRAM token. This move comes after the U.S. Securities and Exchange Commission (SEC) won a lawsuit against Telegram, resulting in the platform abandoning the project.
The TON blockchain was an ambitious project by Telegram, aiming to create a multi-blockchain system designed to host a new generation of cryptocurrencies and decentralized applications. However, the SEC ruled that the $1.7 billion initial coin offering (ICO) for the project was illegal. The closure of the TON project and suspension of GRAM trading has been a significant blow to Telegram and its expansive user base.
Binance and ByBit’s decision to suspend trading of the GRAM token underscores the potential risks and regulatory issues associated with cryptocurrency projects. It serves as a reminder for investors to exercise caution when investing in ICOs or other crypto-related projects. As the crypto market continues to mature, regulatory compliance will play an even more crucial role in the success or failure of such projects.
