Binance announces the launch of "Binance Wealth" for high net worth clients, attracting traditional financial institutions to settle in

According to the official announcement, Binance Exchange has launched a solution called "Binance Wealth" specifically designed for high net worth clients. This solution allows clients to manage their investments flexibly or allows wealth managers to recommend investment targets. It is reported that wealth management personnel will be responsible for the customer onboarding process and provide a user experience with traditional wealth management frameworks.

Binance introduced in the announcement that:

Binance is pleased to launch 'Binance Wealth', the world's first cryptocurrency trading solution designed to support wealth management institutions and their high net worth clients interested in expanding their investments into digital assets. Binance is the first digital asset exchange in the industry to launch such a solution for wealth management institutions, further bridging traditional and cryptocurrency markets, and promoting the increasing adoption of digital assets by institutions and private wealth

According to CoinDesk, Binance Wealth is not a financial advisory service, but a technology solution designed to meet the needs of wealth managers, providing the necessary infrastructure to allow wealth managers to supervise and support customer participation in the cryptocurrency field.

However, Catherine Chen, the VIP and institutional department head of Binance, emphasized in an email. This service may have some restrictions in certain jurisdictions. For example, the service will initially focus on the Asian and Latin American markets and will not be available in the United States.