Binance's Targets High-Net-Worth Clients With New Tool That Offers New Crypto Options

Binance is targeting high-net-worth clients in Asia and Latin America with its new premium service "Binance Wealth."

Designed for elite clients, the solution allows high-net-worth individuals to access an extensive range of digital assets through dedicated private client managers.

Onboarding whales onto the crypto bandwagon

This white-glove solution empowers private wealth managers to provide a robust array of crypto investment options within a traditional wealth management framework.

Wealth managers must first apply for the service to access Binance Wealth. Once onboard, they can assist their clients through the onboarding journey by submitting know-your-customer (KYC) documentation, then create sub-accounts for each client, enabling them to trade or stake across a diverse range of digital assets, Binance announced Tuesday.

After successfully onboarding, clients will manage their own investments while also receiving tailored recommendations from their wealth managers for review and approval.

This service deliberately mimicks the traditional advisory framework to make it easier for wealth managers and their clients to get accustomed to the platform.

The platform will also provide them with a comprehensive dashboard that gives wealth managers an overview of onboarded clients and their portfolio.

Caterine Chen, head of Binance VIP and Institutional, clarified that Binance Wealth is not a financial advisory service by a technological solution tailored to wealth managers' needs.

Not available in the US

Operating through Binance.com, Binance Wealth is currently focused on Asia and Latin America and is unavailable in jurisdictions like the United States.

“Wealth managers can help onboard and support their clients eligible to use Binance.com, depending on their respective license or exemption,” Chen added.

Regarding asset custody, each client's assets will be held in allocated sub-accounts, allowing clients to retain full control of their assets.

"The client will retain full control of their assets, which are held in respective wallets under their account on the Binance platform," a Binance spokesperson stated. User's assets will be reflected on the websites' Proof of Reserves page.

While this VIP service provides a tailored experience, it doesn’t come with reduced fees as Binance’s enterprise-focused Link service does. “Standard trading fees apply, but clients qualifying for the VIP Program enjoy competitive rebates,” noted Chen.