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Canadian University Dubai is backing down on accepting crypto via Binance Pay

Published on

February 12, 2023
Read Time:2 Minute, 9 Second

Not even 24 hours after Canadian College Dubai (CUD) introduced its partnership with Binance Pay to simply accept course charges in cryptocurrencies, a technical hurdle diluted the thrill behind the short-lived initiative.

CUD, a non-public college in Dubai, was apparently occupied with permitting college students - each home and worldwide - to pay for his or her tuition and course charges in cryptocurrencies. This initiative would have offered college students from a wide range of backgrounds with quick access to the Canadian curriculum in Dubai.

Pricey CUD group,

For technical causes, CUD won't settle for any cryptocurrency as a method of cost till additional discover.

We apologize for the inconvenience. pic.twitter.com/b9rERYHR7g

— CUDubai (@CUDUAE) February 10, 2023

Binance Pay, a cost gateway service launched by crypto alternate Binance, permits companies to combine help for cryptocurrency funds. Based on the college's authentic announcement, the Binance partnership enabled the establishment to "adapt to the evolving digital funds area."

#binance helps deliver crypto @CUDUAEa number one college in Dubai.

Potential college students and college students can now use crypto to pay for his or her charges, together with tuition.

Powered by BinancePay. pic.twitter.com/bqWuezZVKJ

— Binance (@binance) February 9, 2023

Binance Pay helps over 200 cryptocurrencies together with Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH) and costs 0 charges per transaction. On February seventh, Binance hosted a cryptocurrency workshop and data session for CUD, instructing college students about blockchain fundamentals, crypto fundamentals, Web3 and Metaverse.

Whole variety of college students at Canadian College Dubai. Supply: topuniversities.com

As proven above, CUD is residence to over 1800 home and worldwide college students enrolled in one among 25 undergraduate and 6 graduate applications paying an annual tuition of $18,000.

Canadian College Dubai has not but responded to Cointelegraph's request for remark.

Associated: Crypto Tasks Reply to Dubai Privateness Coin Ban

Simply as Binance was eyeing a partnership with CUD, Dubai launched crypto laws for Digital Asset Service Suppliers (VASPs) on Feb. 7. The Digital Asset Regulatory Authority (VARA) has issued its Full Market Product Rules, which embrace 4 obligatory units of guidelines and activity-specific units of guidelines that set out the foundations for the operation of VASPs.

⚠️Dubai Information

Dubai's Digital Property and Regulatory Authority has issued the long-awaited full market laws for Digital Property Providers Suppliers (VASPs).

— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023

“Regulatory certainty is superb for enterprise. It is good for customers, buyers and for the Emirate of Dubai. The laws are long-awaited and largely welcomed,” Irina Heaver, a UAE-based crypto and blockchain lawyer, advised Cointelegraph.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 12, 2023
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