CMC News

#Binance Launches Prestige Service for Ultra-Wealthy Investors

Binance announced a new VIP offering aimed at the ultra-high-net-worth market segment on Wednesday. Binance Prestige addresses the specific needs of family offices, private funds, and other asset allocators seeking a high-touch, professional approach to digital asset management.

The new service complements Binance Wealth, which launched about a year ago to cater to advisors and wealth managers for the mass affluent market. Catherine Chen, head of Binance VIP and Institutional, said the service will likely cater to investors with as much as $10 million in assets at their disposal.

There is no set minimum size of asset holding required to qualify for Binance Prestige. The level broadly aligns with the funds required to open a private banking account. Chen said family offices and investors with traditional backgrounds are very curious about crypto and expect the type of support and services they get in traditional finance.

A repeated pain point for wealthy yet cautious investors is having to jump through multiple hoops to become a #crypto client, rather than being guided directly with the type of hand-holding these investors expect. Over half of wealth management professionals now see digital assets as key for client engagement, up from 44% last year, according to an Avaloq survey.