Less than 24 hours after the Canadian University of Dubai (CUD) announced a partnership with Binance Pay to accept course fees in cryptocurrency, technical blocks dampened the excitement behind the short-lived initiative.
CUD, a private university in Dubai, is apparently interested in allowing students – both domestic and international – to pay tuition and course fees in cryptocurrencies. This initiative will allow students from diverse backgrounds easy access to the Canadian curriculum in Dubai.
Dear CUD Community,
For technical reasons, CUD will not accept cryptocurrency as a payment method, until further notice.
We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g
– CUDubai (@CUDUAE) February 10, 2023
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 allows the institution “to adapt to the changing digital payments space.”
#Binance help bring crypto to @CUDUAEa leading university in Dubai.
Prospective and current students can now pay their fees, including tuition, with crypto.
Powered by Binance Pay. pic.twitter.com/bqWuezZVKJ
– Binance (@binance) February 9, 2023
Binance Pay supports more than 200 cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH), and charges 0 fees per transaction. On February 7, Binance hosted a cryptocurrency workshop and information session for CUD where students were taught blockchain fundamentals, crypto fundamentals, web3 and metaverse.
As shown above, CUD is home to more than 1800 domestic and international students – enrolled in one of 25 undergraduate and six postgraduate programs – who pay tuition fees of $18,000 per year.
The Canadian University of Dubai has not responded to Cointelegraph’s request for comment.
Related: Crypto projects respond to privacy coin ban in Dubai
While Binance is looking to partner with CUD, Dubai issued a crypto regulation for virtual asset service providers (VASP) on February 7. The Virtual Assets Regulatory Authority (VARA) issued the “Complete Market Products Regulations,” which include four mandatory rulebooks and an activity-specific rulebook that lays down the rules for operating VASPs.
⚠️Dubai News
Dubai’s Virtual Assets and Regulatory Authority released the long-awaited Comprehensive Market Regulation for Virtual Asset Service Providers (VASP).
— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023
“Regulatory certainty is very good for business. It is good for consumers, investors and for the Emirate of Dubai. The regulation has been awaited and usually welcomed,” said Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, speaking to Cointelegraph.