Binance Launches Premium Service 'Binance Wealth' to Attract High-Net-Worth Clients in Asia and Latin America

Binance Launches Premium Service 'Binance Wealth' to Attract High-Net-Worth Clients in Asia and Latin America

On October 29 Binance announced the launch of a new premium service named Binance Wealth aimed at onboarding high-net-worth individuals (HNWIs) into the digital asset space. This white-glove service is designed to mirror traditional wealth management practices by enabling private client managers to assist clients in managing a diverse range of digital assets.

Binance Wealth Offers Tailored Support for Wealth Managers

The Binance Wealth service allows wealth managers to oversee their clients’ onboarding process and make personalized investment recommendations ensuring strong support throughout the client journey. Wealth managers interested in accessing this service must first apply to Binance Wealth. Once accepted they can help clients navigate the onboarding process by submitting the necessary Know Your Customer (KYC) and Know Your Business (KYB) documentation for verification.

Upon successful onboarding clients will have the autonomy to manage their own investments while receiving tailored recommendations from their wealth managers for further review and approval. This service aims to meet the growing demand from the private wealth sector where high-net-worth individuals are increasingly seeking exposure to digital assets.

According to Binance's announcement the user experience will be designed to closely resemble the traditional financial advisory framework that wealth managers and their clients are accustomed to. The platform will also provide a comprehensive dashboard offering wealth managers an overview of their onboarded clients and their respective portfolios.

Catherine Chen head of Binance VIP & Institutional clarified in an email that Binance Wealth is not intended to serve as a financial advisory service but rather as a technological solution tailored to meet the needs of wealth managers. She stated "The service provides the necessary infrastructure for overseeing and supporting clients’ exposure to crypto."

Service Limitations for U.S. Clients

It is important to highlight that Binance Wealth will be offered through the global Binance.com platform which may have restrictions based on jurisdiction. Specifically the service will not be available to clients in the U.S. The initial focus for this offering will be on markets in Asia and Latin America.

Chen explained "Wealth managers can help onboard and support their clients who are eligible to use Binance.com—residing in jurisdictions where Binance.com is available." Eligibility for the service will depend on the specific licenses or exemptions held by wealth managers.

Regarding asset custody each client's assets will be held in allocated sub-accounts ensuring that clients maintain full control over their assets. A Binance spokesperson emphasized "The client will retain full control of their assets which are held in the respective wallets under their account on the Binance platform. User assets are viewable in our Proof of Reserves page."

Despite the premium nature of the Binance Wealth service it will not offer reduced fees. Standard trading fees will apply similar to those associated with Binance’s prime broker Link service designed for enterprises.