The Canadian University Dubai (CUD) was on a mission to shake things up and make paying for education a whole lot more exciting! They partnered with Binance Pay to collect tuition and course fees in the world of cryptocurrencies.
But before CUD could fully embrace their inner crypto cowboy, they hit a technical roadblock that put a damper on the party. The announcement was made with much fanfare, but the excitement fizzled out faster than a bottle of soda on a hot Dubai day. However, just for a brief moment, the university was ready to welcome students from all over the world to pay for their education in a cutting-edge way.
Dear CUD Community,
For technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice.
We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g
— CUDubai (@CUDUAE) February 10, 2023
What’s The Roadblock?
Binance Pay, a well-known payment gateway service from crypto exchange Binance, allows businesses to join the crypto space and accept payments in digital currency. And CUD was all about getting in on the action! They announced their partnership with Binance Pay, shouting from the rooftops that they had adapted to the ever-changing digital payment space. The excitement didn’t stop there, as Binance hosted a workshop for CUD students to learn all about blockchain, crypto, Web3, and the metaverse.
With over 1800 students enrolled in undergraduate and graduate programs, CUD is a bustling hub of education. And with a yearly tuition fee of $18,000, these students are shelling out some serious cash. But they were ready and willing to embrace the crypto world!
Just as Binance announced its partnership with CUD, Dubai dropped a bomb and released its crypto regulations for virtual asset service providers (VASPs). The Virtual Asset Regulatory Authority let loose with its Full Market Product Regulations, including four compulsory rulebooks and activity-specific rulebooks to lay down the law for VASPs. Talk about timing!