Canadian University Dubai backtracks on accepting crypto via Binance Pay

Barely 24 hours after Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a tech roadblock has dampened the hype surrounding this short-lived initiative.

CUD, a private university in Dubai, appeared to be interested in allowing students – both local and international – to pay for tuition and courses in cryptocurrencies. This initiative would allow students from all walks of life to easily access the Canadian Curriculum in Dubai.

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

Binance Pay supports over 200 cryptocurrencies including Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH) and does not charge any transaction fees. On February 7, Binance hosted a Cryptocurrency Seminar and Information Session for CUD, where students were introduced to the fundamentals of blockchain, the basics of cryptography, web3, and the metaverse.

Canadian University Dubai total number of students. Source:

As shown above, CUD has over 1,800 local and international students enrolled in one of 25 undergraduate and six graduate programs that pay an annual tuition fee of $18,000.

The Canadian University of Dubai has not yet responded to Cryptooshala’s request for comment.

Crypto Projects Respond to Dubai Privacy Coin Ban

Just as Binance was eyeing a partnership with CUD, the Cryptocurrency Rules for Virtual Asset Service Providers (VASPs) were released in Dubai on February 7th. codes of practice for specific activities, which set out the rules for the operation of the VASP.

“Regulatory certainty is very good for business. This is good for consumers, investors and for the emirate of Dubai. These rules are highly anticipated and mostly welcome,” Irina Khiver, a crypto and blockchain lawyer based in the United Arab Emirates, told Cryptooshala.

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