The Canadian University of Dubai (CUD) has recently partnered with Binance to allow students to pay their fees in digital currencies. Binance, the world’s leading crypto platform, announced the news on its Twitter account. Through Binance Pay, students can settle their tuition fees in over 70 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), Ripple (XRP), and many others. The CUD is a leading university in Dubai, established in 2006, and offers an education system based on the curriculum employed in Canada.
In September last year, Binance was granted a minimal viable product (MVP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, allowing it to offer digital asset services to institutional and qualified retail investors in the area. Crypto.com also received regulatory approval in Dubai, while FTX was allowed to establish regional headquarters.
However, the VARA has recently banned all operations with privacy coins like Monero (XMR) and Zcash (ZEC). Digital asset organizations must also meet licensing requirements, such as anti-money laundering procedures, prevention of insider trading, marketing protocols, and monitoring whether cryptocurrencies are employed in illicit activities. Angela Ang, Senior Policy Advisor at TRM Labs, commented that regulators react strongly to these kinds of asset classes and mechanisms due to the obfuscation of fund flows, which poses a challenge to detecting illicit activities.
