The world's ultra-rich face a challenge: they want to invest a big chunk of money in cryptocurrency, but most traditional banks aren't providing them with comprehensive support beyond a few exchange-traded funds (ETFs). Binance’s head of VIP and Institutional, Catherine Chen, saw this as an opportunity to help through Binance Prestige — a new offering that complements Binance Wealth for high-net-worth individuals (HNWIs). “Oftentimes, when you speak to private banks, they will say there’s no significant ...

Core Insights - Binance has launched a new VIP offering called Binance Prestige, targeting the ultra high-net-worth (UHNW) market segment [1] - The service is designed to meet the needs of family offices, private funds, and asset allocators seeking a professional approach to digital asset management [2] Market Trends - Over 50% of wealth management professionals now view digital assets as essential for client engagement, an increase from 44% the previous year [3] - The demand for assistance in crypto investments among wealthy clients, particularly in Asia and the Middle East, is rapidly growing [3] Service Features - Binance Prestige does not have a set minimum asset holding requirement but is expected to cater to investors with around $10 million in assets [5] - The service includes six core pillars: onboarding, fiat access, structured products, capital financing, custody, insights, and reporting [6] - Future considerations for the service may include inheritance planning [6] Client Support - Binance aims to provide a high-touch service while clarifying that it is not a bank and will not set up trusts for clients [7] - The focus is on guiding clients through the investment process and making them aware of available tools to achieve their financial goals in crypto [7]