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 Juniora parent-managed subaccount.
Safe future for children, 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 at an address that your children will never have access to,” said the former CEO of Binance. “Protect your children.”
What is Binance Junior about?
His comments came after the launch of Binance Junior, a cryptocurrency savings account designed for young users aged 6 to 17, with full parental controls.
The parent of the junior user must be an existing Binance user with the right to disable and delete the junior accounts. Parents can send money directly to the junior account from the master account.
See also: Binance founder CZ reveals ‘perfect time’ to buy and sell Bitcoin: ‘Sell when there is maximum greed, and buy when there is maximum fear’
The importance of inheritance
CZ has emphasized the importance of adding inheritance features to cryptocurrency exchanges to ensure proper distribution of assets in the event of unexpected death.
“Crypto-Fearless,” a widely followed cryptocurrency influencer, estimated in April that centralized exchanges “inherit” more than $10 billion in cryptocurrency each year through the unexpected deaths of users.
Binance also announced co-founder Yi He as co-CEO, sharing the role with Richard Tengwho has been CEO since November 2023.
Binance does not operate in the US due to regulatory reasons. Instead of, Binance.US operates as a separate, legally compliant platform for US residents.
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