Binance rapidly ascended to become the world’s largest crypto exchange.

The exchange is now targeting wealthy individuals.

Binance has been losing ground to rival exchanges.

Founded in 2017, Binance quickly rose to become the largest centralized crypto exchange by volume within just six months, drawing users with its reliable platform, low fees, and access to popular tokens.

Over the years, Binance broadened its offerings beyond spot trading, adding derivatives, P2P services, crypto earning, the BNB token, and even education and charity initiatives. Its latest venture, Binance Wealth, aims to attract high-net-worth clients by catering to wealth managers and their affluent customers.

Binance Targets High Net Worth Individuals

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

This new platform directly integrates wealth managers into Binance, streamlining crypto investment support for affluent individuals interested in digital asset investing.

Binance Wealth offers access to spot trading, derivatives, and ETH staking, aiming to create a TradFi-like experience for digital assets. Clients can manage their investments independently or with guidance from their wealth manager, but each transaction requires client approval for added control.

The company stated that this new initiative is the first of its kind from a crypto exchange. It aims to meet the growing demand for cryptocurrency investing from the institutional and private wealth sectors.

Uncertainty Since CZ Resigned

Despite Binance’s reputation for capturing trends and meeting user demands, the company has faced significant challenges since late 2023, when it faced criminal charges by the US Department of Justice.

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. Upon his release in September, CZ announced plans to shift his focus toward philanthropy and educational projects.

Binance’s market share has dwindled since, dropping to 27% in spot trading, the lowest since early 2021, and down to 40.7% in derivatives, marking a four-year low. Overall, Binance’s crypto market share slipped from 43% at the start of the year to 37% by September, with rivals gaining ground during this period.

On the Flipside

Wealth managers have historically been hesitant to touch crypto due to regulatory uncertainty and lack of infrastructure.

Despite market share losses, Binance‘s brand recognition remains strong.

Standard Binance users can access more yield options than ETH staking.

Why This Matters

Binance Wealth’s launch signals that cryptocurrency is solidifying its place in mainstream investment portfolios.

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