Toncoin (TON) Price Slips As Spain Bans Telegram

Telegram services have been temporarily suspended in Spain after an order by the High Court. The move comes after media companies in Spain complained that Telegram allowed users to upload media content without permission on the platform. As a result, Toncoin (TON) price tumbled from 5% within hours.

Spain Court Announces Temporary Suspension of Telegram

Spain High Court ordered the temporary suspension of messaging app Telegram in the country after complaints by media companies related to content distribution, reported Reuters on March 23.

Media companies including Atresmedia, EGEDA, Mediaset, and Telefonica claimed that Telegram was allowing users to upload their content without permission. Judge Santiago Pedraz nods to a temporary ban on Telegram services until the arguments are investigated.

Telegram is the fourth most-used messaging service in Spain, according to competition watchdog CNMC. The company had more than 700 million monthly active users globally.

After the recent court order, Spain has joined the exclusive club of countries that have blocked the messaging — North Korea, China, Iran, and Pakistan.

Also Read: Ripple XRP Case – SEC Submits Remedies-Related Brief, Here’s What Ahead

Toncoin Price Tumbles

Toncoin, a decentralized blockchain developed by Telegram, saw its native token price tumble after the news. The price fell over 5% despite positive developments surrounding Telegram’s IPO and even secured $330 million in investment through bond sales.

TON price is up 10% in the last 24 hours and 27% in a week. The price is currently trading at $4.76, with a 24-hour low and high of $4.16 and $5.15, respectively. Furthermore, the trading volume has increased by 140% in the last 24 hours, indicating a rise in interest among traders.

Toncoin price has soared amid the $115 million TON distribution announcement and the launch of Telegram’s advertising platform. Investors are responding to the potential for increased adoption of Toncoin within Telegram’s ecosystem, driven by the promise of advertising revenue and the platform’s expanding reach.

Also Read: Binance Vs SEC Case In Final Stages of Discovery and Depositions Resolution

✓ Share:

Advertisement

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Advertisement