Telegram Faces Legal Action in Spain, Toncoin Price Drops

Telegram Faces Legal Action in Spain, Toncoin Price Drops

Telegram Faces Legal Action in Spain, Toncoin Price Drops

Telegram services were temporarily suspended by the High Court of Spain due to complaints from media businesses about unauthorized content.

Spain temporarily suspended Telegram services following a directive from the High Court. Following complaints from Spanish media businesses about users being able to submit media content without permission, this measure was taken. Consequently, the price of Toncoin (TON) dropped by 5% in a matter of hours.

The Spanish Court Orders Telegram’s Temporary Suspension

The country’s High Court temporarily suspended the messaging app Telegram in Spain on March 23, according to media reports, in response to complaints from media businesses about content distribution.

Atresmedia, EGEDA, Mediaset, and Telefonica were among the media companies that accused Telegram of enabling unauthorized content uploads. An interim ban on their services will be put in place until the arguments are investigated, according to Judge Santiago Pedraz.

The Spanish antitrust agency CNMC ranks Telegram as the country’s fourth-most popular chat app. Over 700 million people throughout the world use the service on a monthly basis.

Spain is now one of four countries—along with North Korea, China, Iran, and Pakistan—that have prohibited the message, according to a recent court decision.

The Value of Toncoin Declines

Following the revelation, the native token price of Telegram’s decentralized blockchain, Toncoin, fell. Even though their IPO was well-received and the company raised $330 million from bond sales, the price dropped more than 5%.

With a 27% weekly increase and a 10% intraday gain, the price of TON is soaring. Presently, the price is $4.76, having ranged from $4.16 to $5.15 during the past 24 hours. Additionally, there has been a 140% spike in trading volume during the past 24 hours, suggesting that traders are more interested in the market.

Following the announcement of the distribution of $115 million TON and the opening of Telegram’s advertising platform, the price of Toncoin has skyrocketed. The promise of advertising revenue and the platform’s rising reach are motivating investors to respond to the potential for increased adoption of Toncoin within their ecosystem.

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