The Canadian College of Dubai (CUD) partnered with Binance to allow college students to pay their charges in digital currencies.
With the latest collaboration, the alternate dived deeper into the native ecosystem. It acquired a cryptocurrency license from Dubai’s regulators in September final 12 months.
Settling the Semesters in Crypto
The world’s main crypto platform disclosed the partnership on its Twitter account, saying present and future college students of the CUD are allowed to settle their schooling prices in digital property as a substitute of fiat currencies.
#Binance helps carry crypto to @CUDUAE, a number one college in Dubai.
Potential and present college students can now pay their charges, together with tuition charges, with crypto.
Powered by Binance Pay. pic.twitter.com/bqWuezZVKJ
— Binance (@binance) February 9, 2023
The cost know-how Binance Pay helps over 70 cryptocurrencies, together with Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), Ripple (XRP), and lots of others. Stablecoins corresponding to USDT and USDC are additionally on the record.
Established in 2006, the Canadian College of Dubai (higher generally known as CUD) gives an schooling system based mostly on the curriculum employed within the North American nation. It has roughly 1,200 college students and consists of 4 colleges: Structure and Inside Design; Communication Arts and Sciences; Engineering Utilized Science and Know-how; and Administration.
Binance strengthened its presence in Dubai in September final 12 months, acquiring a minimal viable product (MVP) license from the Digital Asset Regulatory Authority (VARA). The extension of the beforehand secured authorization enabled it to supply digital asset providers to institutional and certified retail traders within the space.
Binance’s rival – Crypto.com – additionally acquired regulatory approval in Dubai, whereas the bankrupt FTX was allowed to ascertain regional headquarters.
Dubai’s Ban on Privateness Cash
Regardless of its pro-crypto stance and ambition to ascertain Dubai as an “worldwide hub for digital property,” the home regulator not too long ago banned all operations with privateness cash like Monero (XMR) and Zcash (ZEC).
The VARA additionally set licensing necessities that digital asset organizations have to cross. Among the rules embrace anti-money laundering procedures, prevention of insider buying and selling, advertising and marketing protocols, and monitoring whether or not cryptocurrencies are employed in illicit actions.
“Any obfuscation of fund flows poses a problem to detecting illicit actions, so it’s unsurprising that regulators react strongly to those sorts of asset lessons and mechanisms,” Angela Ang – Senior Coverage Advisor at TRM Labs – said.
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