Binance Targets High Net Worth Individuals With New Wealth Management Platform

Binance Wealth marks the company's latest initiative, which aims to pull in high-net-worth clients by working through their trusted wealth managers.

Binance, the world’s largest centralized crypto exchange by volume, is now targeting high-net-worth individuals (HNWI) through their wealth managers. This move comes as Binance expands its services beyond spot trading, adding derivatives, P2P services, crypto earning, and the BNB token.

Binance Launches Platform for High Net Worth Individuals

Binance Wealth is a new platform that integrates wealth managers directly into Binance, providing support for crypto investment. This platform is designed to cater to affluent individuals who want to invest in digital assets.

Through Binance Wealth, clients can access spot trading, derivatives, and ETH staking. The platform aims to create a TradFi-like experience for digital assets, where clients can choose to manage their investments independently or with the guidance of their wealth manager. However, each transaction requires client approval for added control.

According to Binance, this initiative marks the first of its kind from a crypto exchange and is intended to meet the increasing demand for cryptocurrency investing from the institutional and private wealth sectors.

Binance Faced Challenges After CZ Resigned

Despite its success in capturing trends and catering to user demands, Binance faced challenges in late 2023 when the US Department of Justice filed criminal charges against the exchange.

Binance settled the case by paying a $4.3 billion fine, and co-founder Changpeng Zhao (CZ) stepped down as CEO, serving a four-month prison sentence. After his release in September, CZ announced a shift in focus toward philanthropy and educational projects.

Since then, Binance’s market share has declined. In spot trading, Binance's market share dropped to 27%, the lowest since early 2021, and in derivatives, it slipped to 40.7%, marking a four-year low. Overall, Binance's crypto market share slid from 43% at the start of the year to 37% by September, as rivals gained ground during this period.