Canadian University Dubai backtracks on accepting crypto via Binance Pay

February 12, 2023 Coin Telegraph

Binance

Before hitting a technical roadblock, CUD was seemingly interested in collecting tuition and course fees in cryptocurrencies from both domestic and international students.

Not even 24 hours after the Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a technical roadblock watered down the excitement behind the short-lived initiative.

CUD, a private university in Dubai, was seemingly interested in allowing students — both domestic and international — to pay their tuition and course fees in cryptocurrencies. This initiative would have allowed students from varied backgrounds easy access to the Canadian curriculum in Dubai.

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

Binance Pay, a payment gateway service launched by crypto exchange Binance, allows businesses to integrate support for cryptocurrency payments. According to the university’s initial announcement, the Binance partnership allowed the institution to “have adapted to the transforming digital payment space.”

#Binance helps bring crypto to @CUDUAE, a leading university in Dubai.

Prospective and current students can now pay their fees, including tuition fees, with crypto.

Powered by Binance Pay. pic.twitter.com/bqWuezZVKJ
— Binance (@binance) February 9, 2023

Binance Pay supports over 200 cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH), and charges 0 fees per transaction. On Feb. 7, Binance hosted a cryptocurrency workshop and information session for CUD wherein students were taught about blockchain fundamentals, crypto fundamentals, web3 and metaverse.

*Canadian University Dubai total number of students. Source: topuniversities.com*

As shown above, CUD is home to over 1800 domestic and international students — enrolled in one of the 25 undergraduate and six graduate programs — who pay a yearly tuition fee of $18,000.

Canadian University Dubai has not yet responded to Cointelegraph’s request for comment.

Right when Binance was eyeing a partnership with CUD, Dubai released crypto regulations for virtual asset service providers (VASPs) on Feb. 7. The Virtual Asset Regulatory Authority (VARA) issued its “Full Market Product Regulations,” which include four compulsory rulebooks and activity-specific rulebooks that lay down the rules for operating VASPs.

⚠️Dubai News

Dubai's Vurtual Assets and Regulatory Authority issued the long-awaited Full Market Regulations for Vurtual Assets Services Providers (VASPs).
— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023

“Regulatory certainty is very good for business. It is good for consumers, investors and for the Emirate of Dubai. The regulations are long-awaited and mostly welcomed,” said Irina Heaver, a crypto and blockchain lawyer based in the United Arab Emirates, speaking to Cointelegraph.

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Celsius publishes list of users eligible to withdraw majority of assets

February 1, 2023 Coin Telegraph

Bankruptcy

Eligible creditors will not be able to withdraw their funds from Celsius unless they update their accounts with AML and KYC data.

Bankrupt cryptocurrency lending firm Celsius had come up with a withdrawal process for users who had their crypto in its custody when it stopped withdrawals in June 2022.

Celsius released an official update on upcoming withdrawals on Jan. 31, providing the list of users that will be eligible to withdraw approximately 94% of eligible custody assets.

The firm laid out the process in a 1,411-page court filing with the United States Bankruptcy Court for the Southern District of New York, listing the full names of all the eligible users alongside the type and amount of debted crypto assets.

Celsius stressed that eligible users will be asked to update their Celsius account with certain required information prior to any withdrawals being processed. The requested information includes customer data related to Anti-Money Laundering and Know Your Customer policies as well as details about the destination address of the withdrawal, Celsius said, adding:

“Unless and until an eligible user updates his or her account with the required account updates, such eligible user will be unable to withdraw his or her distributable custody assets from the debtors' platform.”

The filing also notes that it’s not yet known whether eligible users will be able to withdraw the remaining 6% of the assets as the court will make a decision regarding this question at a later date.

Eligible users will also receive specific details related to gas and transaction fees associated with the upcoming withdrawal procedures. “Eligible users who do not have sufficient assets in their accounts to satisfy these fees will not be permitted to withdraw their assets,” Celsius wrote.

The news comes amid Celsius’s court-appointed examiner submitting a court filing on certain aspects of operations at the lender, including details about its complex dealings with the collapsed FTX exchange. The examiner report also revealed that Celsius used the accounting software Quickbooks to keep track of its finances, just like FTX and Alameda Research did.

Court-appointed examiner Shoba Pillay also wrote that Celsius and its founder Alex Mashinsky did not deliver on its promises surrounding its native Celsius (CEL) token and other business activities.