Binance founder and former CEO Changpeng “CZ” Zhao has urged crypto platforms to implement a “will function” that enables users to distribute their digital assets in the event of their death.
“This is a topic people avoid, but the fact is, humans cannot live forever,” CZ wrote on X. “Every platform should have a ‘will function’ so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions,” he added.
His comments come as Binance introduces a new emergency contact and inheritance feature in its June 12 update. The feature allows users to designate heirs who can claim their crypto assets after death.
As part of the update, Binance will notify a user’s emergency contact following prolonged account inactivity. That contact can then begin the process to claim the user’s crypto inheritance.
Crypto Community Emphasizes Importance of Will Function
X user CryptobraveHQ praised Binance’s new emergency contact and inheritance feature, describing it as “really thoughtful.” They noted that over $1 billion in crypto assets reportedly go unclaimed each year due to unexpected deaths and the absence of effective recovery mechanisms.
While many in the crypto community welcomed the update, some pointed out its limitations. User Uniswap12 highlighted that Binance accounts represent more than just financial assets—they also hold tokenized wealth, social influence, and community presence. “This is even more important to me than cash assets,” they said, suggesting that entire accounts should be transferable to heirs, similar to how phone numbers can be inherited.
Others reinforced the need for comprehensive inheritance planning in the Web3 space. X user Ghazi called it “a reality we can’t ignore,” while user Binn commended Binance’s move as a step toward genuine decentralization, saying it would give users greater peace of mind about the future of their digital wealth.
The Importance of a Crypto Will
In 2023, Dubai-based lawyer Irina Heaver told Cointelegraph that many families struggle to recover crypto assets after a loved one’s death, and urged investors to have open discussions about their holdings and formally include them in estate planning.
Heaver noted that most crypto investors are between the ages of 27 and 42—a demographic that typically doesn’t prioritize end-of-life financial planning. Still, she emphasized that creating a will is the bare minimum step every investor should take.
Estate planning expert Hennessy added that wills must go beyond simply naming digital assets—they should include clear, technical instructions for how to access them.
