Canadian University Dubai cancels Binance Pay crypto payments plan

As per the initial statement made by the university, the partnership with Binance would have allowed them to adjust to the changing digital payment landscape

By Shashank Bhardwaj

Published: Feb 14, 2023 03:59:28 PM IST

Updated: Feb 14, 2023 04:32:38 PM IST

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The Canadian University Dubai (CUD) had announced a partnership with Binance Pay to accept course fees in crypto. However, a technical issue arose within 24 hours of the announcement.

CUD wanted to enable students to pay their tuition and course fees in crypto, which would have made it easier for domestic and international students from diverse backgrounds to access the Canadian curriculum in Dubai.

Binance Pay is a payment gateway service created by the crypto exchange Binance. It enables businesses to add support for crypto payments. As per the initial statement made by the university, the partnership with Binance allowed them to adjust to the changing digital payment landscape.

Binance Pay accepts more than 200 different cryptos, such as Bitcoin, Dogecoin, and Ether, and does not charge any transaction fees.

On February 7, Binance conducted a workshop and information session for CUD students. The session covered topics such as blockchain and crypto basics, Web3, and the metaverse.

Canadian University Dubai has a total student population of more than 1800, consisting of both domestic and international students. These students are enrolled in any of the 25 undergraduate and six graduate programs offered by the university. The annual tuition fee for these programs is $18,000.

On February 7th, when Binance was considering a partnership with CUD, Dubai introduced crypto regulations for virtual asset service providers (VASPs).

The regulations, known as the Full Market Product Regulations, consist of four mandatory rulebooks and activity-specific rulebooks that establish the guidelines for operating VASPs.

According to Irina Heaver, a blockchain and crypto lawyer in the United Arab Emirates, having regulatory clarity is beneficial for businesses, consumers, investors, and Dubai as a whole. The regulations have been anticipated for a long time and are generally well-received.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash