Binance founder and former CEO Changpeng Zhao (CZ) has called for crypto platforms to adopt a "will feature" that allows users to allocate their digital assets to designated accounts upon their death.
CZ wrote on the X platform: "This is a topic that people usually don't want to bring up, but humans cannot live forever." He stated, "Every platform should have a 'will feature': when one is no longer around, their assets should be distributed to several designated accounts according to specified proportions."
This call comes as Binance introduced new emergency contact and inheritance features in an update on June 12, allowing users to designate heirs to claim their crypto assets after they pass away.
The update enables the platform to notify emergency contacts after a user has been inactive for an extended period. The contact can then initiate an inheritance claim.
X user CryptobraveHQ praised Binance's new emergency feature, calling it "very thoughtful." The user claimed that due to accidental deaths and the lack of proper mechanisms, over $1 billion in crypto assets go unclaimed each year.
Other community members also welcomed the feature but expressed concerns about its limitations. One user, Uniswap12, noted that Binance accounts hold tokenized wealth and intangible value, such as articles, social presence, and community influence.
He pointed out, "This is more important to me than cash assets," and proposed the idea of transferring complete accounts to heirs, similar to how phone numbers can be inherited.
Others echoed the necessity of proper inheritance planning in Web3. X user Ghazi referred to it as "a reality we cannot ignore," while Binn praised the update as a step towards true decentralization, stating that users would feel safer knowing their digital wealth could be passed on.
In 2023, Dubai lawyer Irina Heaver, in an interview with Cointelegraph, stated that many families are unable to recover assets after a loved one passes away and urged holders to discuss their crypto assets and formally include them in estate planning.
Irina noted that most crypto investors are aged between 27 and 42, a demographic less likely to prioritize end-of-life financial arrangements. However, she believes that preparing a will is the minimum step investors should take.
She also mentioned that the will must include detailed technical instructions for accessing digital assets, rather than just mentioning their existence.
Related: Iran orders cryptocurrency exchanges to implement a curfew after a $100 million hack at Nobitex
Original article: “Binance founder CZ suggests creating a 'will feature' to allocate cryptocurrency after users pass away”
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