Whalesbook
Binance is rolling out "Binance Prestige," a premium service tailored for ultra-high-net-worth individuals (UHNWIs) and family offices eager to increase their cryptocurrency holdings. This initiative aims to bridge a significant gap left by traditional banks, which often provide limited support beyond exchange-traded funds (ETFs).
Catherine Chen, Binance's Head of VIP and Institutional, noted the "chicken and egg problem" where banks are hesitant due to perceived low demand, while clients lack comprehensive avenues. The trend of family offices seeking more substantial crypto investments and struggling with traditional wealth managers is growing. A recent survey by Swiss firm Avaloq highlighted mounting pressure on the wealth sector to offer digital assets.
Seeking Sophisticated Support
In the UAE, 63% of ultra-rich investors have switched or are considering switching managers due to this demand. Binance Prestige targets clients with assets of approximately $10 million or more, offering a "white-glove" experience. This includes personalized guidance through onboarding, facilitating fiat-to-crypto conversions, and executing purchases informed by individual client profiles and risk appetites.
Beyond Basic Investments
Purchases can be executed via phone or chat, emphasizing a high-touch service model. Beyond basic acquisition, clients can utilize Binance's Earn products for yield generation. The platform also supports sophisticated trading strategies, leveraging market volatility and financial instruments like options, catering to well-informed family offices. Risk management and custody are paramount, with customizable options ranging from leaving assets on Binance to using hardware wallets or third-party custodians, including institutional partners like SAFU (Secure Asset Fund for Users). Succession planning is also hinted at as a future offering.