Binance founder and former CEO Changpeng “CZ” Zhao has suggested that cryptocurrency platforms implement a “will function” to aid users in distributing their digital assets in the event of their passing.
Discussing a typically avoided subject, CZ emphasized: “Humans are not immortal.” He added, “Every platform should enable a ‘will function’ so that when a person is no longer present, their assets are allocated to designated accounts as specified.”
His plea came as Binance introduced a new emergency contact and inheritance feature in its update on June 12, allowing users to assign beneficiaries who could claim their crypto assets upon their demise.
In this update, the platform also enables users to notify a chosen emergency contact after a prolonged period of inactivity, facilitating the start of an inheritance claim process.
User CryptobraveHQ from X appreciated Binance’s initiative, labeling it “extremely considerate.” They mentioned that over a billion dollars in crypto assets remain unclaimed yearly due to unexpected fatalities and insufficient mechanisms.
While the community applauded the move, some expressed concerns regarding its limits. For instance, user Uniswap12 highlighted that Binance accounts embody tokenized wealth and non-tangible assets, including articles, social visibility, and influence.
“These hold more value to me than cash,” they commented, proposing the concept of transferring entire accounts to heirs, much like how phone numbers are handed down.
Various community voices echoed the necessity for meticulous inheritance arrangements in Web3. User Ghazi called it “an unavoidable reality,” and Binn celebrated the update as a stride towards decentralization, asserting it provides users with confidence regarding the future of their digital wealth.
In 2023, Dubai-based lawyer Irina Heaver stressed the importance of discussing one’s crypto holdings and formally integrating them into estate planning, emphasizing wills should detail technical instructions for accessing digital assets.
