Changpeng “CZ” Zhao, the founder and former CEO of Binance, is encouraging crypto platforms to introduce a built-in feature that helps users pass on their digital assets in case of death.
In a recent post on X, CZ remarked, “It’s not a pleasant subject, but mortality is inevitable. Every crypto service should implement a ‘will function’ that ensures users’ assets are passed on to chosen beneficiaries in clearly defined proportions.”
His comments follow Binance’s latest feature update on June 12, which introduced an emergency contact and inheritance option. This new addition lets users assign trusted individuals who can claim the user’s crypto holdings if they pass away. The system is also designed to alert these emergency contacts after a period of prolonged inactivity, triggering the inheritance process.
Community Response and Calls for Broader Adoption
The crypto community has responded positively to Binance’s move. X user CryptobraveHQ called the feature “thoughtful,” citing that over $1 billion in digital assets go unclaimed each year due to sudden deaths and the lack of contingency tools.
Other users emphasized that the need goes beyond financial assets. One comment from Uniswap12 noted that crypto accounts often represent much more—such as personal influence, social presence, and community value—and suggested that entire accounts, not just tokens, should be transferable, similar to inheriting a phone number.
User Ghazi described inheritance in the crypto space as an unavoidable reality, while Binn praised Binance for taking a step toward stronger decentralization, saying it reassures users their digital legacies won’t disappear.
Experts Stress Importance of Estate Planning for Crypto
The conversation echoes warnings from legal experts. In 2023, Irina Heaver, a lawyer based in Dubai, noted that many families are locked out of crypto assets after a relative’s passing, simply because there were no instructions or formal plans in place.
According to Heaver, many crypto holders are between the ages of 27 and 42—an age group that typically doesn’t think about wills. She recommends that all investors take at least the basic step of including digital assets in their estate plans.
Estate advisor Hennessy also stressed that wills must be more than general mentions. To be effective, they should provide detailed instructions on how heirs can actually access those digital assets.
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