- Binance co-founder Yi He became the crypto exchange’s new co-CEO. Immediately afterwards, the product range was expanded – apparently her first official act.
- Binance is launching “Binance Junior”, an account for children aged six and over, which is managed by their parents until they have the right to use it.
Binance is expanding its offering with the new one Product “Binance-Junior”, a crypto savings account to be held in trust by parents, designed for children and young people aged 6 to 17 or up to their majority. Thanks to the new product, the exchange is expected to have 300 million registered customers very soon.
Binance Junior allows parents and guardians to maintain a sub-account for their children under the parent’s main account. It is equipped with a child-friendly interface that allows children to view their account balance and use the “Save”, “Earn” and “Send” functions.
Binance Junior: future opportunities for kids
Unlike standard Binance accounts, trading, futures and other risky activities are not possible with Binance Junior. Instead, the children’s funds can be invested in savings and other income products such as Binance “Flexible Simple Earn”. In this way, the account encourages long-term savings habits instead of short-term speculation.
Parents can fund the Junior account either from their main account or through onchain transfers. Transfers from the Junior account are restricted. Only parent-approved transfers are permitted. Transfers to anyone other than parents and legal guardians are not possible.
Binance may allow limited transfers for teenagers who are 13 years old or older – or if local laws allow it. These are monitored by parents and have daily limits to prevent abuse.
According to Binance, the Binance Junior accounts are part of a broad family financing initiative.
The new co-boss Yi He explained it is so:
“Today, parents can take the first steps to secure their children’s financial future by preparing them for the future financial world. Binance Junior is an initiative for families to build crypto wealth for their children. It is designed to teach the next generation sound financial skills through adulthood.”
Binance has specially published a textbook called “The Crypto ABC”. It’s designed to teach children and families basic crypto and blockchain concepts in an easy-to-understand way, with each letter of the alphabet representing a different crypto idea.
Binance explainedthat Yi He, co-founder of the exchange, has been appointed co-CEO and will now work alongside Richard Teng in a dual management structure. Before becoming co-CEO, she was Binance’s head of customer service, which gave her in-depth knowledge of customer structure and product development.
No Comments