Binance has unveiled a pioneering “Will Function” designed to secure users’ digital assets in the event of death or prolonged account inactivity—marking a bold step toward responsible asset management in the crypto space.
Launched on June 12, the feature allows Binance users to designate emergency contacts and beneficiaries, ensuring that holdings like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) can be transferred seamlessly to heirs after extended inactivity.
The update, championed by Binance founder Changpeng “CZ” Zhao, directly addresses a long-ignored vulnerability in crypto—the permanent loss of funds due to unforeseen life events.
“This is a topic people avoid, but the fact is, humans cannot live forever yet,” CZ said in a post on X. “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.”
💡 A Simple Yet Vital Innovation
The “Will Function” works through inactivity triggers monitored by Binance. Once a user has not logged in for a pre-set duration, notifications are sent to the designated emergency contact via email and SMS. If the inactivity continues, the contact can initiate the claims process.
Required documents—such as a death certificate, verified ID, and proof of relationship—are submitted securely. Upon verification, Binance transfers the digital assets to the named beneficiary, typically within 1–2 months.
The feature currently supports BTC, ETH, and BNB, with Binance hinting at plans to expand coverage to other tokens.
🧱 Bridging a Legacy Gap in Crypto
An estimated $95 billion in lost crypto assets—including around four million irrecoverable bitcoins—highlights the urgent need for inheritance solutions in the space.
While some decentralized tools like smart contract wills exist, they often require complex setup and technical literacy. Binance’s approach offers a custodial, user-friendly alternative, directly embedded in the platform’s support system.
“We’re safeguarding assets not just for heirs, but for the credibility of the crypto ecosystem,” CZ emphasized.
📣 Industry Response: A Welcome Shift
The move has received industry support, including from Gate.io CEO Dr. Han, who applauded the decision and noted his own platform’s early adoption of a similar backup contact system.
“With wars erupting and uncertainty all around, I’m reminded how fragile life is,” Dr. Han posted on X. “It’s good to see the industry recognizing the importance of legacy tools today.”
🧭 The Bigger Picture: Regulation & Inclusion
CZ also used the announcement to advocate for policy change, suggesting that minors should be allowed to receive funds via inheritance mechanisms—even if trading restrictions remain in place.
With digital assets now forming part of many young Nigerians’ investment portfolios, Binance’s feature could set a new standard for crypto estate planning across Africa.
As Web3 adoption continues to rise on the continent, the Will Function positions Binance not just as a trading platform—but as a forward-thinking custodian of intergenerational wealth.
