Binance Becomes First Major Crypto Exchange To Offer Parent-Controlled Crypto Accounts For Kids

• Parents must have verified Binance accounts with Two-Factor Authentication to create child accounts.
• The app launches in select countries on iOS and Android.
• Competitors like Coinbase and Gemini still prohibit users under 18.

Binance (BNB) announced on Wednesday the launch of Binance Junior, a parent-controlled crypto sub-account app designed for children and teens aged 6 to 17. 

The move makes the crypto exchange the first to offer crypto services to individuals under the age of 18. Most major exchanges, including Coinbase (COIN), Gemini (GEMI), and Kraken, prohibit under-18 users and do not allow parents to open standard accounts in a child’s name.

To open a Binance Junior account, parents must be existing Binance users who have completed KYC verification and enabled Two-Factor Authentication (2FA). The app will be available in select countries via the Apple App Store and Google Play Store.

BNB’s price rose 7.8% in the last 24 hours, climbing back above $900. On Stocktwits, retail sentiment around the token trended higher within ‘bullish’ territory.

Binance’s Family Push

The company said the launch of Binance Junior accounts is part of Binance’s broader family finance initiative. In line with this initiative, Binance has also released "ABC's of Crypto," a self-published educational book for young readers. 

Executive Changes At Binance

The launch comes after Binance named co-founder Yi He as its co-CEO on Wednesday, joining Richard Teng in a dual leadership structure. Yi He has been with the company for more than eight years.

"Yi has been an integral part of the executive leadership team since the launch of Binance," said co-CEO Teng, who announced the news during his Binance Blockchain Week keynote speech.

Teng himself was appointed CEO in 2023 after founder Changpeng Zhao, known as CZ, pleaded guilty to violating U.S. money laundering laws, paid a $50 million fine, and served nearly four months in prison last year.

Read also: Bitcoin Climbs Above $93,000, Wiping Out Over $400 Million In Short Bets

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on