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Dubai University CUD wants to accept crypto payments
The Canadian University of Dubai (CUD) has partnered with Binance to enable students to pay their fees in digital currencies. With the recent collaboration, the exchange delved deeper into the local ecosystem. It received a cryptocurrency license from Dubai regulators in September last year. Settling semesters in crypto The world's leading crypto platform announced the partnership on its Twitter account, saying that current and future students of CUD will be allowed to settle their education costs in digital assets instead of fiat currencies. #Binanz helps crypto bring @CUDUAE a leading university in Dubai. Prospective students and students can see their fees, including...
Dubai University CUD wants to accept crypto payments
The Canadian University of Dubai (CUD) has partnered with Binance to enable students to pay their fees in digital currencies.
With the recent collaboration, the exchange delved deeper into the local ecosystem. It received a cryptocurrency license from Dubai regulators in September last year.
Billing the semesters in crypto
The world's leading crypto platform announced the partnership on its Twitter account, saying that current and future CUD students will be allowed to pay their education costs in digital assets instead of fiat currencies.
#Binanz helps bring crypto @CUDUAE a leading university in Dubai.
Prospective students and students can now pay their fees, including tuition fees, with crypto.
Powered by BinancePay. pic.twitter.com/bqWuezZVKJ
— Binance (@binance) February 9, 2023
Binance Pay payment technology supports over 70 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), Ripple (XRP) and many others. Stablecoins like USDT and USDC are also on the list.
Founded in 2006, the Canadian University of Dubai (better known as CUD) offers an education system based on the North American country's curriculum. It has approximately 1,200 students and consists of four faculties: Architecture and Interior Design; communication arts and sciences; Engineering Applied Science and Technology; and management.
Binance increased its presence in Dubai in September last year,receivea Minimal Viable Product (MVP) license from the Virtual Asset Regulatory Authority (VARA). The extension of the previously secured approval made it possible to offer digital asset services to institutional and qualified retail investors in the region.
Binance's rival - Crypto.com - also received regulatory approval in Dubai, while bankrupt FTX was allowed to set up regional headquarters.
Dubai's privacy ban Coins
Despite its pro-crypto stance and ambition to establish Dubai as an “international hub for virtual assets,” the domestic regulator recently banned all operations on privacy coins such as Monero (XMR) and Zcash (ZEC).
The VARA also sets out licensing requirements that digital asset organizations must meet. Some of the principles include anti-money laundering procedures, preventing insider trading, marketing protocols and monitoring whether cryptocurrencies are used for illegal activities.
“Any concealment of money flows poses a challenge for detecting illegal activities, so it is not surprising that regulators are reacting strongly to these types of asset classes and mechanisms,” explained Angela Ang – Senior Policy Advisor at TRM Labs.
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