Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a premium service called Binance Wealth. This initiative aims to provide a tailored onboarding experience for affluent clients, allowing them to access a diverse range of digital assets.
The Binance Wealth service, announced on Tuesday, will feature dedicated private client managers responsible for guiding HNWIs through the onboarding process. These managers will handle the necessary know-your-customer (KYC) documentation and establish individual sub-accounts for each client, enabling them to trade or stake a wide variety of cryptocurrencies while enjoying a traditional wealth management experience. Additionally, support from Binance’s VIP key account client managers will be available to assist clients.
The introduction of Binance Wealth comes at a time when cryptocurrencies have gained traction as a valuable asset for portfolio diversification, especially following the launch of bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) earlier this year. This trend has contributed to increased acceptance of digital assets among institutional investors and HNWIs alike.
However, Binance Wealth is not a financial advisory service; rather, it serves as a technological platform designed to cater to the needs of wealth managers. Catherine Chen, head of Binance VIP & Institutional, emphasized that the service provides the infrastructure wealth managers require to effectively oversee their clients’ cryptocurrency exposure.
Currently, the Binance Wealth service is accessible through the global Binance.com platform, with certain geographic restrictions. Notably, the service will not be available to clients in the U.S., with an initial focus on markets in Asia and Latin America.
“Wealth managers can help onboard and support their clients who are eligible to use Binance.com—residing in jurisdictions where Binance.com is available,” Chen noted. “This is subject to the specific licensing and exemptions applicable to the wealth managers themselves.”
Regarding asset custody, Binance ensures that each client’s holdings are secured in allocated sub-accounts. “Clients retain full control of their assets, which are maintained in their designated wallets on the Binance platform. User assets are visible on our Proof of Reserves page,” a Binance spokesperson confirmed.
It’s important to note that the new VIP wealth offering will not come with reduced fees, contrasting with Binance’s prime broker Link service tailored for enterprises. “Standard trading fees apply. Binance offers a highly competitive fee structure, and users who qualify for our VIP Program can benefit from attractive fee rebates,” Chen added.
