Canadian University Dubai returns to accepting crypto via Binance Pay

by · February 13, 2023

Not even 24 hours after Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a technical roadblock dampened the excitement behind the short-lived initiative.

CUD, a private university in Dubai, was apparently interested in allowing national and international students to pay tuition and course fees in cryptocurrency. This initiative would give students from different backgrounds easy access to the Canadian curriculum in Dubai.

Binance Pay, a payment gateway service launched by crypto exchange Binance, allows businesses to integrate support for cryptocurrency payments. According to the university’s initial announcement, the Binance partnership allowed the institution to “adapt to the transforming digital payments space.”

Binance Pay supports over 200 cryptocurrencies including Bitcoin (BTC), Dogecoin (DOGE) and Ether (ETH) and charges zero fees per transaction. On February 7, Binance hosted a cryptocurrency workshop and information session for CUD where students were taught blockchain and crypto fundamentals, Web3 and the metaverse.

Canadian University Dubai total number of students. Source: topuniversities.com

As shown above, CUD is home to over 1,800 domestic and international students – enrolled in one of the 25 undergraduate and six graduate programs – who pay an annual tuition of $18,000.

Canadian University Dubai has yet to respond to Cointelegraph’s request for comment.

Related: Crypto projects react to privacy coin ban in Dubai

On February 7, as Binance eyed a partnership with CUD, Dubai issued crypto regulations for virtual asset service providers (VASPs). The Virtual Asset Regulatory Authority issued its full market product regulations, which include four mandatory rulebooks and activity-specific rulebooks that set out the rules for operating VASPs.

Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, told Cointelegraph: “Regulatory certainty is very good for business. It is good for consumers, investors and the Emirate of Dubai. The regulation is long overdue and largely welcome.”