Binance launches crypto accounts for kids and teenagers

Global cryptocurrency exchange Binance has announced that it is launching Binance Junior, a platform that allows children and teenagers under 18 to hold and interact with cryptocurrencies.

According to the exchange, the platform is reflective of the company’s desire to provide blockchain education and financial literacy to children.

The details 

In a press release shared on Dec. 3, Binance announced that parents can open and manage Binance Junior crypto savings accounts for their children. 

• These accounts are linked directly to a master account operated by the parent that created it and can be funded only through the master account. 
• However, these accounts are restricted and only provide limited access to crypto trading and transfers. 
• In line with the local regulations of different jurisdictions, only account holders aged 13 and over can initiate transfers, while trading is forbidden and transfers to other adults not their parents are also restricted. 
• Parents exercise full control on Binance Junior accounts and are notified of every single transaction that an account holder makes.

Meanwhile 

To consolidate on crypto education for children alongside Binance Junior accounts, the exchange has also published a book — “ABC’s of Crypto”.  

• The book is designed to teach children the foundational principles of cryptocurrencies and blockchain technology in a language that is simple and familiar to kids. 
• It is unclear which countries Binance Junior accounts are said to be rolled out in, but the firm alluded to the fact that the feature is not open to all countries the exchange is active in. 
• The exchange did not immediately respond to Mariblock’s request for comment. 

Key quote 

• Binance’s cofounder Yi He said: 

“Today, parents can take the first steps to prepare for their children's financial future and equip them for the future financial landscape. Binance Junior is a family finance initiative that helps parents build crypto wealth and savings for their children and encourages them to teach and practice healthy financial habits for the next generation into adulthood.” 

Zoom out 

Binance Junior is another product of the exchange’s efforts to provide crypto education, especially for users on the African continent. 

• In 2023, Mariblock reported that Binance, via its nonprofit arm Binance Charity was partnering with Nigerian tech training firm Utiva to provide scholarships to 1000 students of Utiva’s training program. 
• Binance Charity has also looked to provide blockchain training for women aged 15 to 25 in Brazilian and South African rural communities. 
• It remains to be seen which African countries stand to benefit from the exchange’s latest product feature and if regulations play a part in excluding other countries that miss out.