Binance Launches Wealth Management Service for High-Net-Worth Clients

Binance, the leading cryptocurrency exchange globally by trading volume, has introduced a new service called Binance Wealth, targeting affluent clients through dedicated private managers.

This platform allows wealth managers to onboard clients by submitting Know Your Customer (KYC) documentation and establishing custom sub-accounts, mirroring traditional wealth management practices but with a focus on digital assets.

Clients can trade or hold a variety of cryptocurrencies while receiving support from Binance’s VIP client managers.

The rising interest in crypto as a diversifying asset among institutional investors has intensified, particularly following the launch of Bitcoin and Ethereum spot ETFs, which enhanced the appeal of these assets to high-net-worth individuals.

Catherine Chen, head of Binance VIP & Institutional, clarified that Binance Wealth is not a financial advisory service; rather, it provides the necessary infrastructure for wealth managers to manage clients’ cryptocurrency portfolios.

While available on the Binance.com platform, the service is restricted to specific regions, excluding the U.S., with an initial emphasis on Asia and Latin America.

Wealth managers can assist eligible clients based on local licensing requirements. Each client’s assets are stored securely in dedicated sub-accounts, ensuring transparency with proof of reserves. Unlike Binance Link, which is a premium enterprise broker offering discounted fees, Binance Wealth has a competitive fee structure, potentially offering discounts for qualified VIP clients.