Canadian University Dubai Withdraws Its Plan To Accept Crypto Through Binance Pay

Key Points:

• A technical snag dampened the euphoria surrounding the short-lived venture less than 24 hours after the Canadian University Dubai (CUD) announced its cooperation with Binance Pay to take course fees in cryptocurrencies.
• 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, Dogecoin, and Ether, are supported via Binance Pay, which also offers free transaction costs.

A technical snag dampened the euphoria surrounding the short-lived venture less than 24 hours after the Canadian University Dubai (CUD) announced its cooperation with Binance Pay to take course fees in cryptocurrencies.

Private university CUD, located in Dubai, was interested in enabling local and foreign students to pay their tuition and course costs in 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, Dogecoin, and Ether, are supported via Binance Pay, which also offers free transaction costs. Students at CUD were educated about the principles of blockchain and cryptocurrencies, Web3, and the metaverse at a cryptocurrency workshop and information session held by Binance on February 7.

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.

Dubai published crypto legislation for companies

When Binance was considering a collaboration with CUD, on February 7, Dubai published crypto legislation for companies that provide services for virtual assets (VASPs). The Full Market Product Regulations, which are a set of four mandatory rulebooks and activity-specific rulebooks outlining the procedures for running VASPs, were released by the Virtual Asset Regulatory Authority.

“Regulatory certainty is really helpful for business,” Irina Heaver, a cryptocurrency and blockchain attorney located in the United Arab Emirates, told Cointelegraph. Consumers, investors, and the Emirate of Dubai all benefit from it. The regulations are largely welcomed and long overdue.

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