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As billions in crypto wealth surge globally, urgent calls intensify for platforms to adopt inheritance-ready “will functions,” safeguarding digital assets and empowering responsible, future-proof financial planning.
‘Will Function’ Needed to Protect Billions in Crypto, Says Binance’s CZ
Binance founder and former CEO Changpeng Zhao (CZ) reignited industry-wide concerns about the lack of proper estate planning mechanisms in cryptocurrency platforms with a blunt message on social media platform X on June 19. Pointing to a fundamental vulnerability facing crypto investors, CZ argued that the sector remains dangerously unprepared to handle what happens to digital assets when their owners die. The Binance founder wrote:
This is a topic people avoid, but the fact is, humans cannot live forever yet. 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.
He also advocated for regulatory adjustments to allow minors to hold accounts. “Regulatory frameworks should also allow minors to have accounts (they can be restricted from trading, but should be allowed to receive funds),” he stressed.
CZ’s remarks followed a Binance update and were made in response to a user on X who highlighted that the platform’s June 12 version upgrade improved emergency contact and inheritance features, calling it thoughtful. The user referenced his April statement, noting that each year, unexpected deaths result in over $1 billion in crypto assets being inherited through centralized exchanges. He admitted he was surprised Binance implemented these updates and expressed hope that other crypto exchanges would also prioritize adding similar emergency contact and inheritance functions to better address asset management in unforeseen circumstances.
In a follow-up post, Zhao clarified, “It’s a feature everyone (who have assets on a platform) will need once.” While emphasizing that “no one wants to use” this feature, he noted: “Better to be a responsible person to your loved ones.” Highlighting the added complexity of non-custodial solutions, CZ remarked:
Self-custody requires quite a bit more setup to get this right.
His comments underscore the growing necessity for streamlined estate planning tools as digital wealth becomes increasingly widespread. Despite concerns about the complexities of inheritance in digital assets, some proponents of self-custody argue that with careful preparation, users can maintain full control while ensuring proper succession plans through legal wills and secure key management solutions. They suggest that decentralized solutions can coexist with custodial options, offering users a spectrum of choices based on their technical capabilities and personal preferences.