Canadian University Dubai halts plan to accept Binance Pay

The Canadian University Dubai (CUD) made headlines yesterday after it partnered with Binance Pay to allow its existing and prospective students to pay their fees with cryptocurrencies. But a technical barrier has allegedly messed up the short-lived initiative and diminished the excitement.

The Dubai-based private university, which has around 1800 domestic and international students in over 25 undergraduates, has backtracked on its decision. The partnership with Binance would have allowed its students to pay tuition and course fees using crypto through the latter’s proprietary payment technology.

Binance Pay is a contactless and borderless gateway on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees. The service has already signed many clients in the UAE, including company formation specialists Virtuzone.

Virtuzone was the first company in the UAE to accept cryptocurrency payments for business setup through Binance Pay. Set to boost the growth of e-commerce startups in the UAE, Virtuzone says the move aims to help reduce barriers to entrepreneurship by enabling cryptocurrency payments for setup. It also creates more opportunities for global businesses to tap into the country’s thriving startup community.

Settlements are facilitated by Binance, and the crypto-to-crypto gateway supports various crypto assets such as BNB, Bitcoin and Ethereum. With this development, Virtuzone joined the ranks of JA Resorts and Hotels and Majid Al Futtaim as the first companies in the UAE to have integrated Binance Pay in their systems.

While many businesses have begun to adopt digital assets, UAE has long been friendly to crypto users. Earlier in 2022, a five-star hotel in the luxurious area of Al Furjan, Dubai began accepting accept Bitcoin, Ether and Binance’s stablecoin as payment from guests.

Dubai’s Museum of the Future, the $136 million UAE government-sponsored museum that opened a few months ago, also joined forces with Binance NFT to roll out a range of digital products on blockchain.

Against the backdrop of a crashing market and burned investors, Dubai has recently sealed a landmark rulebook that governs how the Emirate will regulate cryptocurrency activities.

The new rules create a legal framework for crypto aimed at protecting investors and designing much-warranted international standards for the industry governance. In addition, the VARA now has enforcement powers in the Dubai’s special development and free zones with the exception of the Dubai International Financial Centre.