New York, Friday, November 01, 2024 – Cryptocurrency exchange Binance has introduced Binance Wealth, a specialized service targeting high-net-worth clients who seek a more traditional approach to crypto management.
The service, offered through Binance’s global platform, enables private client managers to onboard and support eligible investors with a comprehensive selection of digital assets.
However, due to jurisdictional restrictions, Binance Wealth is not available in the US.
Binance Wealth operates as a technological solution rather than an advisory service, aimed at helping wealth managers provide their clients with secure access to crypto assets.
“This offering is a way to empower wealth managers to support clients eligible for Binance.com,” said Catherine Chen, head of Binance VIP & Institutional, in a statement.
She emphasized that Binance Wealth does not function as financial advice but rather provides the infrastructure wealth managers need to navigate digital assets for their clients.
As part of the onboarding process, wealth managers handle all know-your-customer (KYC) documentation and create dedicated sub-accounts on Binance for each client.
These sub-accounts allow high-net-worth individuals (HNWIs) to trade or stake a variety of cryptocurrencies within a structured framework similar to traditional wealth management. The exchange’s Proof of Reserves page enables clients to view their holdings, underscoring Binance’s transparency in asset management.
Binance’s focus for the service’s initial rollout is on Asia and Latin America, regions identified for growth in crypto adoption among HNWIs. Though the VIP service does not offer reduced fees, eligible users benefit from competitive rates and potential rebates through Binance’s VIP program.
