2 months ago 2 min read

Canadian University Dubai Withdraws its Plan to Accept Cryptocurrency Through Binance Pay


A technical difficulty dampened the enthusiasm surrounding the brief endeavor less than 24 hours after the Canadian University Dubai (CUD) announced its cooperation with Binance Pay to take course fees in cryptocurrencies.

Private institution CUD in Dubai was interested in enabling domestic and foreign students to pay tuition and course expenses with cryptocurrencies. Through this project, children from various backgrounds would have had simple access to the Canadian curriculum in Dubai.

Businesses can incorporate support for cryptocurrency payments using Binance Pay, a payment gateway service introduced by cryptocurrency exchange Binance. In the university's initial press release, it was said that the Binance relationship had helped the school "had adapted to the shifting digital payment space."

Over 200 cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH), are supported via Binance Pay, which also offers free transaction fees. Binance organized a cryptocurrency workshop and information session for CUD on February 7 where students learned about the basics of blockchain, cryptocurrencies, web3, and metaverse.

As was said earlier, CUD is home to nearly 1800 domestic and international students who pay a yearly tuition charge of $18,000 and are enrolled in one of the 25 undergraduate and six graduate programs.

On February 7, Dubai published crypto legislation for virtual asset service providers (VASPs), just as Binance was considering a deal with CUD. The "Full Market Product Regulations" were released by the Virtual Asset Regulatory Authority (VARA), which include four mandatory rulebooks and activity-specific rulebooks that specify the procedures for managing VASPs.

United Arab Emirates-based blockchain and cryptocurrency attorney Irina Heaver added:

“Regulatory certainty is very good for business. It is good for consumers, investors and for the Emirate of Dubai. The regulations are long-awaited and mostly welcomed”
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