Binance Introduces Emergency Contact System as CZ Calls for Industry-Wide 'Will Functions'

Binance rolls out "Will Function" to allow users give crypto assets to next of kin

Binance has introduced a new inheritance and emergency contact feature, “Will Function,” to enable users to designate beneficiaries for their crypto holdings after an extended period of inactivity. Announced on June 12 and championed by founder Changpeng “CZ” Zhao, the functionality addresses a critical industry gap, preventing irreversible asset loss due to death, incapacitation, or abandonment by securely transferring digital assets to heirs. …

Binance Introduces Emergency Contact System as CZ Calls for Industry-Wide 'Will Functions'

Binance launches emergency contact and inheritance features with the recent update. Analysts estimate 200,000 Binance users die yearly, with $128M in dormant assets. CZ advocates industry-wide ‘will functions’ and regulatory support for minor accounts. Binance has implemented emergency contact and inheritance features in its June 12 platform update, addressing the growing issue of cryptocurrency assets lost due to user deaths. The new functional…

New Binance Feautre Allows Users to Pass On Crypto Assets

The crypto exchange Binance has launched a new feature that allows users to choose an emergency contact who can claim their crypto in the event of the user's passing.

Binance Implements Emergency Inheritance System Following Founder's Call

Binance founder Changpeng "CZ" Zhao called for cryptocurrency platforms to adopt "will functions" enabling users to distribute digital assets after death. According to Cointelegraph, CZ wrote on social media that every platform should implement inheritance features allowing deceased users' assets to transfer to designated accounts according to specified proportions. The exchange simultaneously rolled out its emergency contact and inheritance fea…