Binance (CRYPTO: BNB) co-founder Changpeng “CZ” Zhao stressed on Wednesday the importance of securing children’s access to cryptocurrency in a “worst case” scenario, following the launch of Binance Junior, a parent-controlled sub-account.
Secure Kids Future, Says CZ
In an X post, CZ urged users not to leave their cryptocurrency inaccessible to their children and heirs.
“Also important for ‘worst case’ scenarios. Don't let your crypto get stuck on some address that your kids can never access,” the former Binance CEO said. “Protect your kids.”
What Is Binance Junior About?
His remarks came after the launch of Binance Junior, a cryptocurrency savings account designed for young users aged 6 to 17, with complete parental oversight.
The young user’s parent must be an existing Binance user with the right to disable and delete the junior accounts. Parents can send funds directly into the junior account from the master account.
The Importance Of Inheritance
CZ has emphasized the importance of adding inheritance features to cryptocurrency exchanges to ensure proper asset distribution in the event of unexpected death.
"Crypto-Fearless," a widely followed cryptocurrency influencer, estimated in April that centralized exchanges "inherited" over $10 billion in cryptocurrency every year from the unexpected death of users.
Binance also announced co-founder Yi He as co-CEO, sharing the role with Richard Teng, who has served as CEO since November 2023.
Binance does not operate in the U.S. due to regulatory reasons. Instead, Binance.US operates as a separate, legally compliant platform for U.S. residents.
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