Binance launches tailored concierge service targeting family offices

Binance has launched a concierge service dedicated to family offices and asset managers to meet demand from traditional wealth clients entering digital assets.

According to Cointelegraph on the 26th (local time), Binance said the service offers advanced institutional features including onboarding support provided by dedicated managers, linkage to more than 100 fiat currencies, and custom design of structured products. It also said it enhances professional investors' operational visibility by including credit lines, custody via external custodians, and real-time analytics and reporting tools.

Binance reportedly judged that support was needed to help high-net-worth individuals and advisory firms in traditional finance efficiently understand and access complex market structures as they expand early-stage digital asset investments.

The competitive landscape is expanding beyond crypto-native exchanges such as Coinbase and Kraken to incumbent financial institutions like Morgan Stanley and Fidelity Digital Assets. In particular, Fidelity's institutional custody and integrated trading platform has already established itself as a service for high-net-worth individuals.

The inflow of institutional funds is notable outside the US as well. In Asia, family offices are rapidly increasing their allocation to digital assets, with some announcing plans to allocate about 5% of their portfolios to crypto assets. Singapore and Hong Kong are strengthening regional hub competition through regulatory and tax reforms, and the pace of regulatory arrangements is also accelerating, including allowing derivatives trading and establishing frameworks for RWA tokenization.

Binance's service enhancement is seen as an example that the competition to capture institutional and high-net-worth markets is intensifying and that the boundaries between traditional finance and the digital asset market are becoming increasingly blurred.