The cryptocurrency exchange Binance has maintained a dominant market share for years and is set to announce significant updates this week. Due to an event in Dubai, the exchange has the potential to unveil various announcements. The first major news has arrived with the details of a new product.
Recent Binance Developments
After a long absence, CZ will participate in a cryptocurrency program at the Binance Dubai event this week. Recently, he completed his sentence in the United States and is no longer managing Binance. Furthermore, according to the decision of the new CEO and team, he will not hold any management positions in the company moving forward.
Introduction of Binance Wealth
The newly announced service, Binance Wealth, will initially be available in select regions. This new offering allows high-net-worth individuals to connect easily with the exchange by creating sub-accounts for their exclusive clients.
Exclusive clients can create sub-accounts on Binance by having their asset managers submit KYC documents for each customer. This service can be considered an integration of traditional asset management systems into the crypto realm. Catherine Chen, Head of Binance VIP & Institutional, explained that Binance Wealth is not a financial advisory service but a technological solution designed to meet the needs of wealth managers.
“Customers will maintain full control over their assets held in relevant wallets under their Binance accounts. User assets can be viewed on our Proof of Reserves page. Of course, this depends on the licenses/exemptions of the asset managers and whom they can service initially.”
