Cryptocurrency exchange Binance has introduced 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 brokerage firms to consolidate client assets and streamline portfolio management.

Binance said 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 trading execution. 

Presumably, these omnibus accounts operate under a single custodian who executes trades on behalf of their clients. 

The new program is only available to eligible fund managers who must contact their Binance VIP representative for more information.

A Binance spokesperson informed Cointelegraph that fund managers and their investors must pass Know Your Customer and Know Your Business requirements and be licensed or exempted in their jurisdictions to use the Fund Accounts product.

Binance is the world’s largest crypto exchange by trading volume, according to CoinMarketCap data. In December, the exchange updated the requirements for its VIP program, which is geared toward institutional investors and private clients. 

Top crypto spot exchanges as of April 24 based on daily trading volume. Source: CoinMarketCap

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TradFi and crypto continue to merge

Binance’s Fund Accounts is another example of traditional finance solutions merging with cryptocurrency, signaling growing institutional involvement. 

After spending the first decade of crypto largely on the sidelines, institutional investors are now entering the space, driven by the launch of Bitcoin exchange-traded funds (ETFs), the rise of real-world asset tokenization, and attractive yield opportunities in onchain lending.

Blockchain companies are also working to bring institutional trading solutions to crypto-native users. 

On April 24, onchain trading infrastructure provider Theo announced it had raised $20 million to expand its institutional-grade trading platform aimed at serving retail investors. Seventeen investors participated in the funding round, including angel investors from Jane Street, JPMorgan and Citadel.

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The US Securities and Exchange Commission (SEC) crypto task force, headed by Hester Peirce, has continued meeting with digital asset company representatives as the agency explores regulatory changes.

In an April 24 notice, the SEC task force disclosed a meeting with representatives from crypto firm Ondo Finance and the law firm Davis Polk and Wardwell to discuss “issuing and selling wrapped, tokenized versions of publicly traded US securities.” Ondo Finance donated $1 million to Donald Trump’s inauguration fund, and the law firm announced on April 22 that it would represent the US President’s social media company, Truth Social, to launch crypto-linked exchange-traded funds.

According to the meeting request, Ondo Finance planned to discuss registration requirements for tokenized securities, compliance with financial laws, and potentially launching a regulatory sandbox. Cointelegraph reached out to the firm for comment but did not receive a response at the time of publication.

The April 24 meeting was the latest in the SEC crypto task force’s outreach to the industry following the departure of former chair Gary Gensler. Former commissioner and Trump appointee Paul Atkins took over leadership at the agency on April 21 after his swearing-in ceremony, but has yet to take action on his proposed crypto agenda.

Related: Chiliz meets with SEC Crypto Task Force amid US market reentry plans

Continuing outreach to industry under new SEC chair

On April 25, the crypto task force will host a roundtable event to discuss custody, including representatives from Kraken, Anchorage Digital Bank, WisdomTree, and others. Following the approval of crypto exchange-traded funds in 2024, many financial institutions have seen demand for digital asset custody in the US grow significantly.

It’s unclear what the SEC’s intentions may be regarding pursuing crypto enforcement cases under Atkins. The commission has stated it will continue cases involving fraudulent activity, but dropped a complaint against Hex founder Richard Heart on April 21.

The agency has already announced it will stop investigations or lawsuits against many firms, including Ripple, Coinbase, and Kraken. All three exchanges donated or had executives who supported Trump’s 2024 campaign or inauguration fund.

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The Chicago Mercantile Exchange (CME) Group, which operates the largest financial derivatives exchanges worldwide, recently announced that XRP (XRP) futures contracts will go live on May 19.

According to the April 24 announcement, investors have the option of choosing between micro-sized contracts, featuring 2,500 XRP, or standard contract sizes of 50,000 XRP. All XRP futures contracts will be cash-settled.

In January 2025, the CME Group signaled an impending launch of XRP futures before quietly pulling the related page from its website.

CME’s announcement is the latest in a growing wave of crypto-focused financial products entering the market or awaiting regulatory approval in the US, a sign that cryptocurrencies have reached a new level of institutional acceptance.

The XRP ticker symbol displayed on the CME Group website. Source: CME Group

Related: CME Group taps Google Cloud for pilot asset tokenization program

Financial institutions push for altcoin financial products

On March 17, Solana (SOL) futures debuted on the Chicago Mercantile Exchange. The SOL contracts featured a standard contract size of 500 SOL and the more accessible micro contracts for 25 SOL.

In April 2025, asset manager Canary Capital submitted an application to the United States Securities and Exchange Commission (SEC) for a staked Tron (TRX) exchange-traded fund (ETF).

The asset manager’s proposed ETF will hold spot TRX but will stake a portion of the token to accrue yield, which, at the time of this writing, is 4.5% for TRX.

On April 22, Crypto.com and the Trump Media and Technology Group (TMTG), a media conglomerate partially owned by the US President, signed a deal to launch an ETF tracking US crypto projects.

The ETF will launch under the Truth.Fi banner, which is US President Trump’s decentralized finance project, and is expected to start trading later in 2025.

List of pending ETF applications. Source: Eric Balchunas

There are now more than 70 crypto ETF applications waiting to be reviewed by the SEC, according to Bloomberg ETF analyst Eric Balchunas.

“Everything from XRP, Litecoin, and Solana to Penguins, Doge, 2x Melania, and everything in between. Gonna be a wild year,” Balchunas wrote in an April 21 X post.

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