Binance CEO CZ Zhao Calls for ‘Will Function’ on Crypto Platforms

Published: [Insert Date]

In a forward-looking note on X (formerly Twitter), Binance founder and former CEO Changpeng “CZ” Zhao has advocated for crypto platforms to implement a “will function,” enabling users to distribute their digital assets posthumously. “This is a topic people avoid, but the fact is, humans cannot live forever,” CZ wrote.

The Proposal

Zhao emphasized the necessity for platforms to adopt this feature: “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.”

Binance’s Implementation

The call was issued shortly after Binance introduced an emergency contact and inheritance feature as part of its June 12 update. This update allows users to formally designate heirs and set conditions for accessing their crypto assets in the event of their death.

Specifically, the feature enables designated emergency contacts to be notified after prolonged account inactivity and to initiate the inheritance claim process upon request.

Community Response

The crypto community has reacted positively to Binance’s initiative but highlighted existing limitations. X user CryptobraveHQ praised the move as “really thoughtful,” noting the significant amount of digital assets—claiming at least $1 billion annually—unclaimed due to untimely deaths and inadequate mechanisms.

However, users like Uniswap12 pointed out the complexity of digital legacy: “This is even more important to me than cash assets. This is tokenized wealth, it’s intangible value… articles, social presence, community influence.” He suggested a need to transfer full accounts, akin to legacy of phone numbers.

Despite these reservations, others welcomed the push for inheritance planning. User Ghazi termed the real-world need a “reality we can’t ignore,” while Binn viewed the update positively, calling it “a step toward true decentralization.”

The Existential Challenge of Digital Inheritance

The challenge of securing digital assets after death is not new. In 2023, Dubai-based lawyer Irina Heaver stressed that families frequently struggle to access crypto assets without explicit instructions, urging holders within the typically younger demographic of crypto investors—aged 27-42—to prioritize estate planning.

Specialist Hennessy elaborated that effective wills must contain detailed technical instructions for asset recovery, not just generic mentions, making comprehensive planning essential.

Conclusion

Zhao’s proposal and Binance’s concrete step underscore a growing industry recognition of the need for robust solutions to the unique challenges of crypto inheritance. While current implementations offer valuable starting points, the broader community discussion highlights ongoing complexities surrounding the legacy of digital wealth.