Binance targets crypto kids with junior account

The firm says Binance Junior offers parents a family-centric platform to build crypto wealth and savings, helping prepare their children for a digital financial future. Parents can open and manage crypto savings accounts on behalf of their children, funding Binance Junior via their master account or through on-chain transfers.

Kids aged 13 and above can initiate transfers on their app, with a higher age criteria where required by local regulations, and with daily limits. But, the firm stresses, trading is not allowed “to ensure safety” and transfers to non-parental adult users are also restricted.

Anticipating potential controversy about a product involving such volatile instruments – Bitcoin has seen its value drop from around $125,000 to around $95,000 in recent weeks – Binance claims that “by offering controlled early exposure to savings and digital assets, Binance Junior empowers parents to invest in their children’s financial future and nurture positive saving habits”.

A statemen continues: “As crypto becomes increasingly integrated with mainstream finance, this new product aims to provide young users with a strong foundation in personal finance and digital asset education, promoting long-term financial literacy and readiness for the evolving economic landscape.”

In line with this, the firm has also released a self-published educational book, ‘ABC’s of Crypto’.

Binance co-founder Yi He says: “As parents who love our children, we not only nurture them in their early development but long-term growth with responsibility and wisdom—helping their ability to face real life challenges independently where financial health and literacy are key to preparing them for the future, especially as money is evolving.

“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.”

Changpeng Zhao, the billionaire founder of crypto exchange Binance, was recently pardoned by Donald Trump having served prison time after pleading guilty in 2023 to enabling money laundering on the platform.

Since then, Zhao has been accused in a court complaint of facilitating payments to Hamas. Zhao and crypto exchange Binance are accused of providing “substantial assistance” to Hamas and Hizbollah, helping the groups hide the movement of millions of dollars, according to the complaint filed by American citizen family members of victims of the attack on Israel on October 7.