Binance, the world’s largest cryptocurrency exchange by trading volume, has introduced Binance Prestige, a bespoke service designed for ultra high-net-worth (UHNW) investors and family businesses managing around $10 million in assets.
What to know
- Binance Prestige is tailored to the requirements of family offices, private funds and asset allocators seeking a high-touch, institution-grade experience in digital asset management.
- The new UHNW service aims to streamline onboarding, enhance fiat access, and expand options for structured products, capital financing, custody, insights and reporting.
Binance Prestige has been launched as the exchange’s newest VIP-tier solution, building on the Binance Wealth platform introduced a year earlier for advisers and wealth managers serving the mass affluent sector. The offering is intended to deliver a more personalised and professional service for sophisticated investors entering the digital asset space.
The initiative follows rising interest from traditional wealth managers. More than half of wealth professionals now regard digital assets as essential for client engagement, up from 44% the previous year, according to research by Avaloq. Catherine Chen, Head of Binance VIP and Institutional, noted that growth is being led by demand from regions such as Asia and the Middle East.
“We see family offices and investors with a more traditional background that are very curious about crypto and who expect the type of support and services they get in traditional finance,” Chen said in an interview. “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 sort of investors expect.”
Binance already offers VIP Holder accounts for clients trading over $500,000 and holding the required level of BNB tokens, with four tiers available—tier four being the highest. While Binance Prestige has no fixed minimum asset requirement, Chen said it is expected to appeal mainly to investors with around $10 million to deploy, aligning with thresholds typically seen in private banking.
Building on the top VIP tier, Binance Prestige introduces six core service pillars providing end-to-end support: onboarding, fiat access, structured products, capital financing, custody, and enhanced insights and reporting, according to Wednesday’s announcement.
Looking ahead, Binance is assessing how services such as inheritance planning could be incorporated within the Prestige proposition.
“Ultimately, what we want to do is strike a balance,” Chen said. “So while we do offer a high-touch service at Binance, at the end of the day, we’re still not a bank. Like, we won’t set up the Trust for the client, for example. What we would do is to ensure the clients are aware of all the tools available that can help them achieve their investment goal or their financial planning goal in crypto.”
