Binance has rolled out Binance Junior, a sub-account platform crafted for children aged 6 to 17. This application, accessed under parental oversight, is devised to boost financial literacy while ensuring a secure introduction to the cryptocurrency sphere. Entry to the program is reserved for parents who have completed identity verification (KYC) and activated two-factor authentication (2FA).
Family-Oriented Cryptocurrency Experience
According to data released by Binance, Binance Junior features a sub-account structure linked to parental accounts. While the child’s account is created under the parent’s main account, legal ownership remains with the parent. Families can deposit cryptocurrencies for their children, gain annual percentage yield (APY) through Binance Earn, and permit pre-set limits for transfers to other Binance Junior accounts. This application aims to teach children about cryptocurrency in a safe and controlled manner, guided by their parents.
Binance Junior accounts are integrated with the “Junior Flexible Simple Earn” feature. This encourages kids to learn about saving early and turning cryptocurrency earnings into savings. Additionally, Binance permits users aged 13 and above to execute transactions between Junior accounts via Binance Pay, subject to varying country-specific age limitations.
Setup, Security, and Parental Control
To join Binance Junior, parents need to access the program through the Gifts & Campaigns section in the main Binance app. Kids will download the Binance Junior app from Apple App Store or Google Play, scanning a QR code from their parent’s app for activation. A maximum of five Junior accounts can be created by each parent.
Junior accounts are restricted to transactions either with other Junior accounts or the parent account, capped at a daily transfer limit of $400. Parents have the discretion to freeze or completely delete a child’s account. Transfers involving blockchain transactions or with adult users are disabled for security reasons.
Binance also emphasizes that age restrictions align with each country’s digital consent laws. For instance, age limits are set at 16 in Germany and Brazil, 15 in France and Greece, and 14 in South Korea and Spain. These differences stem from local laws and digital access policies.