Key Takeaways
- • Binance has launched Binance Prestige, an ultra-high-net-worth offering layered on its Binance Wealth service, targeting clients with assets of roughly $10 million or more.
- • Binance's head of VIP and Institutional, Catherine Chen, says private banks often claim there is no significant demand for crypto beyond spot ETFs, which she frames as a "chicken and egg problem."
- • Binance Prestige offers white-glove onboarding, fiat-to-crypto bridging, customized custody (in-exchange, hardware wallet, third-party, SAFU, or bank tri-party network), and access to yield and options-style strategies via Binance Earn.
- • A cited Avaloq survey found 63% of UAE ultra-rich investors have switched or are considering switching wealth managers over digital-asset access.
- • Chen says family offices that once favored small venture-style or hardware-stored crypto positions now ask whether they should have entered crypto earlier.
Summary
Binance has expanded its mass-affluent Binance Wealth service with an ultra-high-net-worth offering called Binance Prestige, according to CoinDesk. The service is designed as a high-touch channel that provides personalized guidance, customized custody solutions, and one-on-one conversations to support sophisticated trading strategies. The platform aims to onboard clients with assets of $10 million or more, targeting customers who typically qualify for a private bank account.
In an interview with CoinDesk, Binance's head of VIP and Institutional, Catherine Chen, said ultra-wealthy investors want to allocate significant sums to crypto but are poorly served by traditional banks, which often limit offerings to exchange-traded funds. She described the situation as a "chicken and egg problem," since private banks and wealth managers are still becoming comfortable with digital assets. Chen said that family offices that historically invested in crypto did so in a venture-like manner, with small allocations often held on hardware devices. As awareness of crypto as an asset class has matured, she has observed more family offices questioning whether they should have entered earlier, and she argued that a crypto ETF alone is insufficient for these clients.
Citing a survey by Swiss software firm Avaloq, CoinDesk reported that traditional wealth managers face mounting pressure to deliver digital assets, with 63% of ultra-rich investors in the UAE having switched managers or considering doing so.
Binance Prestige will guide clients through onboarding, including converting fiat to crypto and executing initial purchases, with trades informed by each client's background, investment profile and risk appetite. Chen said large purchases may be executed via phone or chat and may follow instructions such as volume-weighted or time-weighted average price execution. Clients seeking yield can use Binance Earn, although Chen said the risk profile of these investors generally precludes decentralized finance. She also said the team can help clients pursue structured strategies, such as collecting yield while waiting for a target price and then exercising an option.
On custody, Chen said clients can keep assets on the exchange, relying on Binance's security and ISO standards, use a hardware wallet or third-party custodian, or use SAFU (Secure Asset Fund for Users) as an institutional partner. Clients with existing private banking relationships may also use a bank tri-party arrangement, which involves a neutral third-party custodian. Chen declined to detail the roadmap but indicated that succession planning and other traditional high-net-worth services may be added later.
In an interview with CoinDesk, Binance's head of VIP and Institutional, Catherine Chen, said ultra-wealthy investors want to allocate significant sums to crypto but are poorly served by traditional banks, which often limit offerings to exchange-traded funds. She described the situation as a "chicken and egg problem," since private banks and wealth managers are still becoming comfortable with digital assets. Chen said that family offices that historically invested in crypto did so in a venture-like manner, with small allocations often held on hardware devices. As awareness of crypto as an asset class has matured, she has observed more family offices questioning whether they should have entered earlier, and she argued that a crypto ETF alone is insufficient for these clients.
Citing a survey by Swiss software firm Avaloq, CoinDesk reported that traditional wealth managers face mounting pressure to deliver digital assets, with 63% of ultra-rich investors in the UAE having switched managers or considering doing so.
Binance Prestige will guide clients through onboarding, including converting fiat to crypto and executing initial purchases, with trades informed by each client's background, investment profile and risk appetite. Chen said large purchases may be executed via phone or chat and may follow instructions such as volume-weighted or time-weighted average price execution. Clients seeking yield can use Binance Earn, although Chen said the risk profile of these investors generally precludes decentralized finance. She also said the team can help clients pursue structured strategies, such as collecting yield while waiting for a target price and then exercising an option.
On custody, Chen said clients can keep assets on the exchange, relying on Binance's security and ISO standards, use a hardware wallet or third-party custodian, or use SAFU (Secure Asset Fund for Users) as an institutional partner. Clients with existing private banking relationships may also use a bank tri-party arrangement, which involves a neutral third-party custodian. Chen declined to detail the roadmap but indicated that succession planning and other traditional high-net-worth services may be added later.
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