Binance, the leading cryptocurrency exchange by trading volume, has introduced Binance Wealth, a white-glove service that enables private client managers to efficiently onboard high-net-worth individuals and provide them with a diverse array of digital assets.

Wealth managers will be responsible for onboarding clients by submitting know-your-customer (KYC) documents and establishing individual sub-accounts on Binance for each client, allowing them to trade or stake various cryptocurrencies while maintaining a traditional wealth management experience.

The service is accessible via the global Binance.com platform, although its availability is limited in certain jurisdictions, including the United States. The initial focus is set on Asia and Latin America, as indicated by a spokesperson from Binance.

Catherine Chen, the head of VIP & Institutional at Binance, explained that while Binance Wealth is not a financial advisory service, it serves as a technological solution tailored to meet the requirements of wealth managers. This infrastructure enables them to effectively support their clients' exposure to cryptocurrency.

Furthermore, the offering ensures that the assets owned by each client are safely held within their allocated sub-account, granting clients complete control over their assets housed in the respective wallets on the Binance platform. For a detailed view of the user assets, clients can refer to the Proof of Reserves page.

The VIP wealth offering will not imply reduced fees; instead, standard trading fees will apply. Binance emphasizes its highly competitive fee structure, with attractive rebates for users qualifying for their VIP Program.