Binance founder Changpeng Zhao (CZ) urged crypto platforms to introduce a “will feature” that allows users to designate beneficiaries for their digital assets after death. He also called for minors to be allowed to hold accounts to receive inherited crypto funds.
CZ posted on X that crypto platforms should help people plan what happens to their assets after they die. “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.”
CZ asks crypto platforms to add inheritance tools and allow minors to receive crypto
CZ explained that setting up inheritance in cold or private wallets is challenging for the average user. Many people don’t know how to share private keys securely, and without a proper system, families can end up completely locked out of their assets.
CZ suggested creating a simple tool where users could name their beneficiaries and define percentages of the assets each would receive to make inheritance easier, safer, and more accessible for everyone. It would also ensure that crypto doesn’t become lost forever just because someone didn’t have a plan.
Many people supported the idea on X and said it was long overdue. @Ranofty commented that it was “a great idea,” adding that planning for family members was not only smart but necessary.
Another user, @Tabraiz, said CZ’s suggestion showed real responsibility and vision. They argue that every crypto holder should take estate planning seriously because more value is digitally stored today.
However, the proposal also raised some concerns, as some people were uncomfortable with allowing minors to receive digital assets. @diamondhandjs disagreed with the suggestion and argued that minors should not be involved with crypto even as passive beneficiaries. They said exposing young people to them could be harmful and irresponsible because crypto platforms are like gambling environments.
@lfp8023 raised doubts about how fraud and abuse could be prevented when he asked, “How does the platform even know you’re dead?” @Predator_fund warned that platforms might keep the funds by default if they don’t design clear and accessible inheritance tools.
Meanwhile, a few people said crypto isn’t just about money. One user, @uniswap12, mentioned that his Binance account had social and digital value beyond just crypto holdings. The user suggested that platforms should consider letting users pass on entire accounts, including transaction history, social data, or NFTs.
Reports estimate that more than $1 billion in crypto is lost yearly when users die without sharing access credentials or leaving any backup plans, and their families end up frustrated because they don’t even know the crypto exists or how to claim it.
Binance introduces emergency contact and inheritance features
Binance released a new platform update that included an inheritance feature on June 12, which allows users to choose and assign an emergency contact to be notified if the account remains inactive for a long time and, if necessary, request access to the crypto assets left behind.
The system will automatically send alerts via email or SMS to both the user and the emergency contact to confirm they’re okay and simply taking a break if it detects extended inactivity for a certain number of days. The emergency contact can step in and submit an official inheritance request if there’s no response for an extended period.
To make a claim, the emergency contact must provide supporting documents, such as a death certificate and a valid government-issued ID. Binance will manually review the request to verify the details and ensure the process is genuine.
The system currently supports Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
