• Parents must have verified Binance accounts with Two-Factor Authentication to create child accounts.
• The app launches in select countries on iOS and Android.
• Competitors like Coinbase and Gemini still prohibit users under 18.

Binance (BNB) announced on Wednesday the launch of Binance Junior, a parent-controlled crypto sub-account app designed for children and teens aged 6 to 17. 

The move makes the crypto exchange the first to offer crypto services to individuals under the age of 18. Most major exchanges, including Coinbase (COIN), Gemini (GEMI), and Kraken, prohibit under-18 users and do not allow parents to open standard accounts in a child's name.

To open a Binance Junior account, parents must be existing Binance users who have completed KYC verification and enabled Two-Factor Authentication (2FA). The app will be available in select countries via the Apple App Store and Google Play Store.

The company said the launch of Binance Junior accounts is part of Binance's broader family finance initiative. In line with this initiative, Binance has also released "ABC's of Crypto," a self-published educational book for young readers. 

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