Just In: Binance Launches First-Ever Crypto Exchange Service For Wealth Managers
Binance, the world’s largest crypto exchange by trading volume, has launched the first-ever crypto exchange solution for wealth managers. According to the exchange, this initiative will be similar to traditional wealth management. This move could also help further assert the exchange’s dominance in the crypto space.
Binance Launches ‘Binance Wealth’
The crypto exchange announced in a press release the launch of Binance Wealth, the first crypto exchange technological solution catering to wealth managers. 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.
Wealth managers will also retain full discretionary control, similar to traditional wealth management services. Wealth managers seeking the Binance Wealth program must apply to gain access. After their application has been approved, they can support their clients with the onboarding process into the crypto space.
These clients will have to submit the necessary KYC/KYB documentation for verification. Once boarded, these clients can manage their investments and gain guidance from their wealth managers on the best investment decisions for them.
This move comes just over a month after Binance CEO Richard Teng mentioned that their institutional investors grew 40% this year. With this first-of-its-kind offering, the top crypto exchange will attract high-net-worth individuals looking to gain exposure to cryptocurrencies. This could also help boost the crypto exchange’s dominance as it looks to wade off its competitors.
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