Canadian College Dubai backtracks on accepting crypto through Binance Pay

Not even 24 hours after the Canadian College Dubai (CUD) introduced its partnership with Binance Pay to just accept course charges in cryptocurrencies, a technical roadblock watered down the joy behind the short-lived initiative.

CUD, a non-public college in Dubai, was seemingly all for permitting college students — each home and worldwide — to pay their tuition and course charges in cryptocurrencies. This initiative would have allowed college students from diverse backgrounds easy accessibility to the Canadian curriculum in Dubai.

Binance Pay, a fee gateway service launched by crypto alternate Binance, permits companies to combine assist for cryptocurrency funds. In response to the college’s preliminary announcement, the Binance partnership allowed the establishment to “have tailored to the remodeling digital fee area.”

Binance Pay helps over 200 cryptocurrencies, together with Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH), and expenses 0 charges per transaction. On Feb. 7, Binance hosted a cryptocurrency workshop and data session for CUD whereby college students have been taught about blockchain fundamentals, crypto fundamentals, web3 and metaverse.

Canadian College Dubai whole variety of college students. Supply:

As proven above, CUD is dwelling to over 1800 home and worldwide college students — enrolled in one of many 25 undergraduate and 6 graduate packages — who pay a yearly tuition price of $18,000.

Canadian College Dubai has not but responded to Cointelegraph’s request for remark.

Associated: Crypto tasks reply to privateness coin ban in Dubai

Proper when Binance was eyeing a partnership with CUD, Dubai launched crypto laws for digital asset service suppliers (VASPs) on Feb. 7. The Digital Asset Regulatory Authority (VARA) issued its “Full Market Product Laws,” which embody 4 obligatory rulebooks and activity-specific rulebooks that lay down the principles for working VASPs.

“Regulatory certainty is superb for enterprise. It’s good for customers, traders and for the Emirate of Dubai. The laws are long-awaited and largely welcomed,” mentioned Irina Heaver, a crypto and blockchain lawyer based mostly within the United Arab Emirates, talking to Cointelegraph.