Binance founder Changpeng Zhao has raised a critical issue that most crypto users tend to overlook. Death is inevitable, and yet crypto platforms often lack proper tools to support digital asset inheritance. On June 12, Zhao took to X (formerly Twitter) to urge all crypto platforms to introduce a “will function” that enables seamless transfer of digital assets in the event of a user’s death. He wrote, “This is a topic people avoid, but the fact is, humans cannot live forever.” CZ explained that every platform should offer a system allowing users to distribute assets to designated beneficiaries in specified proportions, ensuring their crypto legacy feature is protected.
Post by CZ on X
Binance Introduces Emergency Contact and Inheritance Feature
As part of a recent update, Binance has launched a new feature aimed at supporting crypto succession planning. This Binance wallet upgrade includes an emergency contact system that links directly to a user’s account. If the account shows signs of prolonged inactivity, Binance will notify the nominated contact. This person can then initiate a claim process, triggering the digital asset inheritance protocol. While this may seem like a simple function, it represents a major step forward in securing the digital future of crypto users. The new crypto legacy feature is designed to prevent assets from becoming permanently inaccessible due to an untimely death.
Emergency Contact Feature by Binance
Crypto Community Reacts to the Binance Crypto Inheritance Feature
The crypto community responded positively to the Binance crypto inheritance update, seeing it as a long-overdue step. X user CryptobraveHQ praised the new system as “really thoughtful” and highlighted the fact that over $1 billion in digital assets go unclaimed each year because of poor succession mechanisms. Without proper crypto succession planning, families are often left with no way to access the deceased’s crypto holdings. Another user, Uniswap12, stressed that Binance accounts are more than just wallets—they also hold intangible value such as digital reputation, articles, and community trust. These assets form part of a broader online identity, not just monetary worth.
Inheritance Appeal by Binance
Calls for Full Account Transfer Beyond Simple Asset Inheritance
Some users have asked for even more comprehensive solutions, going beyond basic digital asset inheritance. Uniswap12 compared digital identity to mobile phone numbers, which can be passed down through families. They argued that full account transfer capabilities should be made available, allowing heirs to inherit not just funds but also the user’s place within the crypto ecosystem. This covers NFTs, tokenised memberships, staking assets, and digital reputation connected to the Binance wallet. While Binance’s current solution addresses the basics, the crypto community believes broader and smarter inheritance tools are the next logical step.
Legal Experts Emphasise Importance of Crypto Estate Planning
Legal professionals have long advocated for incorporating crypto into traditional estate planning processes. In 2023, Dubai-based lawyer Irina Heaver explained that many families are left powerless to recover assets after a loved one dies without a will. She noted that most crypto investors fall between the ages of 27 and 42, a demographic that rarely prioritises long-term financial planning. Heaver said creating a will is the bare minimum, but it should go beyond simply listing assets. A proper crypto must include technical instructions like private key access, wallet login details, and security protocols to make any digital asset inheritance actually executable.
Decentralised Finance Needs Better Succession Tools
With more users relying on decentralised platforms, inheritance tools must evolve to keep up with blockchain technology. Some users have praised Binance’s update as a move toward true decentralisation, since it gives users greater control over how their wealth is passed on. One user, Binn, said this upgrade brings peace of mind, knowing their digital assets will be secured even after death. Others have proposed integrating smart contracts that automatically trigger inheritance transfers based on legal death verification. This would support crypto succession planning across different blockchains and eliminate manual intervention. In a world where tokenised identity and wealth are growing rapidly, preparing for inheritance is no longer optional—it’s essential.
Conclusion
CZ’s Binance crypto inheritance feature establishes a new standard in managing and securing digital assets for the future. It highlights the urgent need for all platforms to build responsible crypto legacy features that ensure users’ wealth can be passed on securely. As the crypto space matures, integrating inheritance mechanisms into wallets, smart contracts, and decentralised applications will become standard. Binance’s latest wallet upgrade is just the beginning of a necessary shift in how the crypto industry approaches the reality of death.
