Binance Launches Junior Crypto Savings Account for Children Aged 6-17

TLDR

• Binance has launched Binance Junior, a savings account for children aged 6 to 17, with full parental control.

• Parents can transfer funds into Binance Junior accounts using their Binance accounts or external wallets.

• The Junior Flexible Simple Earn product allows children in some regions to earn interest on their deposits.

• Binance Junior accounts do not allow trading or on-chain withdrawals, with transfers capped at $400 per day.

• The product is available in select countries, with age restrictions varying depending on local regulations.

Binance has introduced Binance Junior, a new savings account designed for children aged six to 17. The account allows parents to invest in cryptocurrencies on behalf of their children. Binance Junior functions as a sub-account under the parent’s main account, giving parents full control over the funds.

How Binance Junior Works

The new feature lets parents transfer funds to their child’s Binance Junior account. They can either use their Binance accounts or send funds through external wallets. The account offers a Junior Flexible Simple Earn product in some regions, allowing kids to earn interest on their deposits.

Parents maintain full oversight of the sub-accounts at all times. They can also link up to five Junior accounts to their main profile. However, kids cannot trade crypto or make on-chain withdrawals from the Binance platform. Transfers between Binance Junior accounts will be limited to $400 per day.

Geographic Availability and Restrictions

Binance has yet to clarify the geographical availability of Binance Junior. The product is subject to age restrictions that vary by country. For instance, children in Austria, Spain, and South Korea can only access Binance Junior if they are over 14 years old. Meanwhile, countries like Brazil and Germany restrict the service to users over 16.

The list of countries where Binance Junior is available is not final. Binance has specified that it does not guarantee availability in all the listed regions. Parents can monitor the specific requirements for their countries through Binance’s official website.

Introducing Children to Crypto and Saving

Binance aims to use Binance Junior as a way to teach children about digital assets and saving. According to Binance, early exposure to saving and personal finance can foster long-term positive habits. The app is designed to give children a controlled introduction to cryptocurrencies while keeping them under their parent’s supervision.

Binance also offers educational resources, such as an eBook titled “ABC’s of Crypto,” which helps kids understand the basics of digital currencies. Binance Junior is not designed for trading or speculative crypto activities but instead for long-term savings and financial literacy.

Parents will be able to set up the accounts, and their children will be able to receive funds but not make independent trades. The platform aims to prepare younger generations for a future where cryptocurrencies will play a larger role in finance.

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