Binance now lets users name an emergency contact to access crypto if they die.
- Binance launched a new inheritance tool on June 12
- CZ says every platform should add a “will function”
- Users can now choose who gets their assets if they pass away
Why Crypto Platforms Need Inheritance Tools
Changpeng “CZ” Zhao, the founder and former CEO of Binance, says crypto platforms should allow users to decide who gets their digital assets when they die. He explained that most people don’t like talking about death, but it is a real issue that needs attention.
CZ said a “will function” would help users set up instructions so their family or friends can claim their crypto after they pass away. Without this, the money could disappear forever.
What Binance Has Added
On June 12, Binance released a new tool to help with digital inheritance. Users can now name an emergency contact. If someone doesn’t log in for a long time, that contact gets a message. They can then start a claim for the crypto.
This makes it easier for families to access digital funds during difficult times. The new tool also shows that Binance is trying to be more responsible with user assets.
What the Community Thinks
Many crypto users have praised Binance for the update. X user CryptobraveHQ said that over $1 billion in crypto is lost each year because people die and leave no access instructions. Others said the new feature brings peace of mind and supports better planning.
However, some users raised concerns. Uniswap12 noted that people don’t just store coins in Binance. Their accounts also include writings, social media influence, and more. He suggested giving heirs access to entire accounts, not just money.
Legal Experts Agree
Lawyers have said that more people need to plan for the future of their crypto. Dubai-based lawyer Irina Heaver said many young crypto investors don’t think of death, but they should. She said digital wills should have technical details so heirs can actually access the accounts.
This means platforms like Binance might still need to do more to help users prepare.
Source: cointelegraph.com
