Binance Launches ‘Binance Wealth’ for Elite Customers

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the launch of Binance Wealth. This service allows wealth managers to easily onboard high-net-worth individuals and offer them a wide range of digital assets.

Notably, this move comes just over a month after Binance CEO Richard Teng disclosed that the exchange witnessed 40% growth in institutional investors this year.

Binance Wealth touts itself as the first of its kind among cryptocurrency exchanges. With this initiative, the platform demonstrates its support for institutional adoption of crypto assets, which have increasingly become a staple for portfolio diversification among institutional investors.

Binance Unveils Solution for Crypto Wealth Managers

According to the press release, this service will significantly reduce the entry barrier for wealth managers and high-net-worth clients seeking exposure to crypto assets.

Wealth managers who wish to access this service are required to apply first. After being successfully onboarded, they can help their clients in the onboarding journey.

These clients must submit the necessary know-your-customer (KYC) documentation for verification. Once boarded, these customers can manage their investments directly and receive guidance from their wealth managers on the best investment decisions.

“As investors worldwide recognize the potential of digital assets, we are responding to wealth managers and their clients asking for a solution to more easily access crypto. Unlocking capital inflow is key to making digital assets mainstream but there has long been a lack of traditional infrastructure for the private wealth segment to gain crypto exposure. Binance Wealth will reduce the entry barrier for more market participants to access this new asset class and help bridge crypto and traditional finance,” said Catherine Chen, head of Binance VIP & Institutional. 

Binance added that this solution’s benefits include exposure to the deepest crypto liquidity, world-class crypto trading and yield products, a unified investment dashboard, and an experience akin to traditional finance.

It is worth noting that while Binance Wealth is advanced in its offerings, it functions strictly as a technological platform, not a financial advisory service.