Binance Launches App For Kids and Teens

Top cryptocurrency exchange Binance has launched Binance Junior, a new parent-controlled app. Precisely, kids and teenagers aged 6-17 are allowed to own sub-accounts under their parents’. This is an initiative that promises family-centric wealth building. It is also designed to teach children about digital financial literacy.

Introducing Binance Junior for Young Users 

On Dec.3, Binance introduced a family-centric platform to build that promotes crypto wealth and savings. Dubbed Binance Junior, the new platform helps prepare children for a future of digital financial literacy. Parents can open and manage crypto savings accounts for their children. They can also fund the Binance Junior account via their master account.

On-chain transfers is an alternative for funding the Binance Junior account. Through Binance Flexible Simple Earn, these kids can save and earn crypto in the account from such a young age. However, their access to trading activities will be restricted to ensure safety. Young Binancians, aged 13 and above, are allowed to initiate transfers on their app, with daily limits. 

Binance Junior Set to Build Financially Healthy Adults

Binance Co-Founder Yi He described this initiative as a way of helping parents invest in the long-term growth of their children, with responsibility and wisdom. She explained that any parent who onboards their child(ren), would be “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.” 

Ultimately, the exchange anticipates that Binance Junior would help raise the next generation of financially healthy adults. Binance is known for always pushing out initiatives and projects that are user-friendly and user-centric. In August, it inked a deal with Spanish banking giant BBVA to give customers a safer way to store their digital assets.

Binance Caught up in Legal Action Linked to Hamas Attack 

Meanwhile, Binance Junior was introduced at a time when the crypto exchange was facing legal challenges. Last week, over 300 Americans sued Binance, claiming that it was involved in the Hamas terrorist attack. Its founder Changpeng ‘CZ’ Zhao, and executive Guangying “Heina” Chen are also implicated in the lawsuit. The plaintiffs claim that it allowed over $1 billion to flow to terrorist organizations. 

Some of the highlighted organizations are Hamas, Hezbollah, Palestinian Islamic Jihad, and Iran’s Revolutionary Guard Corps. It is worth noying that the lawsuit adds to Binance’s ongoing troubles in other regions.