Binance, the world's largest cryptocurrency exchange, continues its innovative moves. At this point, it introduced its new service, Binance Wealth.
Binance’s new service, Binance Wealth, allows private client managers to easily onboard high-net-worth individuals to Binance and offer them a wide range of digital assets, Coindesk reported.
Binance said that this service is offered through the global Binance.com platform, and that Binance Wealth will initially focus on customers in Asia and Latin America.
This means there are restrictions for some jurisdictions, such as the US.
Catherine Chen, Head of VIP and Corporate at Binance, said in a statement:
“Contrary to appearances, Binance Wealth is not a financial advisory service, but a technological solution designed to meet the needs of asset managers, with the necessary infrastructure to enable them to oversee and support their clients’ exposure to cryptocurrencies.
The service is offered through the global Binance.com platform, which means there are restrictions for some jurisdictions. For example, Binance Wealth will not be available in the US. Binance’s initial focus for its new service will be Asia and Latin America.
Asset managers can help onboard and support their clients who are eligible to use Binance.com and reside in jurisdictions where Binance.com is available.
In terms of custody, assets belonging to each end customer are held in sub-accounts allocated to the customers.
The customer will retain full control of their assets held in the respective wallets under their accounts on the Binance platform. User assets can be viewed on our Proof of Reserves page.”
Finally, the Binance spokesperson stated that standard transaction fees will be applied to transactions made within the scope of this service.
*This is not investment advice.