#Binance
ATTENTION: Cryptocurrency exchange Binance has launched a new fund management solution designed to simplify asset management for portfolio managers, highlighting the growing sophistication of institutional tools in the digital asset space.
On April 24, Binance launched Fund Accounts, a tool commonly used by traditional asset managers and brokerages to consolidate client assets and streamline portfolio management.
According to Binance, Fund Accounts allow portfolio managers to “consolidate externally raised investor assets into one or multiple omnibus accounts,” which can reduce operational complexity and enable more efficient trade execution.
These omnibus accounts are assumed to operate under a single custodian who executes trades on behalf of their clients.
The new program is only available to eligible fund managers, who should contact their Binance VIP representative for more information.
A Binance spokesperson told Cointelegraph that fund managers and their investors must go through Know Your Customer (KYC) and Know Your Business (KYB) processes and be licensed or exempt in their jurisdictions to use the Fund Accounts product.
Binance is the world’s largest cryptocurrency exchange by trading volume, according to data from CoinMarketCap. In December, the exchange updated the requirements for its VIP program, which is aimed at institutional investors and private clients.#BTC #BNB #Fund