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Binance Targets High-Net-Worth Clients in Asia and Latin America with ‘Binance Wealth’

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Binance introduced Binance Wealth, a premium service to facilitate onboarding high-net-worth individuals/clients (HNWIs) into the digital asset space on October 29.

The white-glove service enables private client managers to assist clients in managing diverse digital assets. It is similar to traditional wealth management practices.

Binance for Wealth Managers: A Way to Onboard Whales

This service will allow wealth managers to oversee their clients’ onboarding and make investment recommendations, ensuring that these clients enjoy strong support throughout the onboarding process.

Today marks a new dawn for wealth management.
Introducing #Binance Wealth, the world's first technological solution purpose-built for wealth managers to bring crypto to their clients directly on a digital asset exchange.
Learn more 👉 https://t.co/0KXmIvlraH pic.twitter.com/CqnWHWseyW

— Binance VIP & Institutional (@BinanceVIP) October 29, 2024

Wealth managers must first apply for the service to access Binance Wealth. Once onboarded, they can assist their clients through the onboarding journey by submitting the necessary Know Your Customer (KYC) and Know Your Business (KYB) documentation for verification.

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

Binance Wealth will meet the increasing demand from the private wealth sector, where high-net-worth individuals seek exposure to digital assets.

According to the announcement, Wealth managers and their clients will benefit from a user experience that closely mirrors the traditional financial advisory framework they are accustomed to.

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

Catherine Chen, head of Binance VIP & Institutional, clarified that Binance Wealth is not a financial advisory service but a technological solution tailored to wealth managers’ needs.

“The service provides the necessary infrastructure for overseeing and supporting clients’ exposure to crypto,” Chen explained in an email.

Binance Wealth Management Service had Restrictions for U.S. Clients

It’s important to note that Binance Wealth will be offered through the global Binance.com platform, meaning certain jurisdictions may face restrictions.

For instance, the service will not be available in the U.S. The initial focus of the offering will be 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.

Chen also noted that service eligibility will depend on wealth managers’ specific licenses or exemptions.

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 the respective wallets under their account on the Binance platform,” a Binance spokesperson stated. “User assets are viewable in our Proof of Reserves page.”

More importantly, despite the premium nature of the Binance Wealth offering, it will not feature reduced fees. Standard trading fees will apply, similar to Binance’s prime broker Link service designed for enterprises.

The post Binance Targets High-Net-Worth Clients in Asia and Latin America with ‘Binance Wealth’ appeared first on Cryptonews.

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