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.
Emphasising the importance of the function, CEO CZ in his recent post on X said, “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.
Regulatory frameworks should also allow minors to have accounts (they can be restricted from trading, but should be allowed to receive funds).”
Joining the likes of Gate.io, Binance now offers an integrated inheritance feature, allowing users to appoint emergency contacts, set inactivity triggers, and ensure orderly distribution of digital wealth, including BTC, ETH, and BNB.
This aligns with Zhao’s call for universal inclusion of will tools across platforms.
What you should know about Binance’s “Will Function”
The new feature empowers users to appoint an emergency contact, who is prompted via email and SMS after the user’s account exhibits prolonged inactivity. If the silence persists, the platform triggers the inheritance mechanism.
Subsequently, the emergency contact will file a claim, providing essential documentation such as the account holder’s death certificate and verified ID.
Once Binance’s review team confirms the legitimacy, the assets are transferred to the designated beneficiary’s account. The process, effective as of June 12, currently supports Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), with plans to expand coverage.
“This is not optional,” CZ said in a recent post on Binance Square. “Every platform should have a ‘will function’ so that when someone is no longer here, their assets can be distributed to designated accounts according to a specified ratio. Legal clauses should allow minors to receive payments,” he argues.
The feature aligns with CZ’s broader vision of responsible leadership in crypto: recognising that without legacy infrastructure, digital assets are often lost forever. He emphasised the importance of safeguarding assets not just for heirs but for the ecosystem’s credibility.
Historically, losing access to crypto holdings has had real-world consequences: an estimated four million bitcoins, worth at least $95 billion, are believed to be irrecoverable due to missing keys and unused wallets.
Researchers and industry experts have repeatedly urged users to include digital currencies in wills, particularly as the majority of investors in their 30s and 40s may not have legacy plans in place.
By embedding inheritance tools at the platform level, Binance offers a practical alternative to decentralised wills, smart contracts or legal trusts that many find inaccessible or technically daunting.
Step-by-step guide on how to set up the “Will Function”
- Emergency Contact Setup: In the Customer Support section under “Self Service → Legacy Inheritance”, users designate one or more contacts.
- Inactivity Monitoring: Notifications are sent to both the user and emergency contact if no account login occurs over a set period.
- Document Submission: Once inactivity is confirmed, the emergency contact uploads documents – a death certificate, ID, and proof of relationship – via Binance’s secure portal.
- Review and Transfer: Binance’s inheritance team reviews the claim and, upon approval, transfers the eligible crypto assets to the beneficiary’s Binance account within 1–2 months.
The Binance update drew widespread acclaim from stakeholders, including Dr Han, founder and CEO of Gate.io, who in a post on X has thrown his weight behind “CZ”, saying: “With wars erupting and uncertainty all around, I’m reminded how fragile life is. That’s why 5 years ago, we launched “Backup Contacts” at Gate to make sure your loved ones are protected, no matter what. It’s good to see the industry recognising its importance today.”
Binance’s inheritance feature arrives amid growing demand for crypto estate planning solutions. While other services, like DeTrust Wallet, offer decentralised inheritance via smart contracts, these options require technical know-how and external setup.
It stands out by embedding the system directly into its custodial exchange, simplifying accessibility for millions of global users.
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