Binance’s CZ Advocates for ‘Will Function’ on Crypto Platforms to Ensure Digital Asset Inheritance

Binance’s CZ Advocates for ‘Will Function’ on Crypto Platforms

Changpeng Zhao (CZ), the founder of Binance, has highlighted a significant gap in the cryptocurrency industry: the lack of mechanisms for transferring digital assets after a user’s death. In a recent statement, CZ emphasized the importance of implementing a “will function” on crypto platforms, ensuring that users’ assets are distributed according to their wishes. He pointed out that while this topic is often avoided, the reality is that “humans cannot live forever,” making it essential to plan for asset distribution.

Binance Introduces Inheritance Feature

In response to this growing need, Binance introduced an inheritance feature that allows users to designate emergency contacts. If an account remains inactive for a long period, these contacts can initiate an inheritance application to access the user’s assets. This feature is designed to prevent the loss of digital assets due to unforeseen circumstances and provide a structured process for asset transfer. CZ’s advocacy for this feature highlights the increasing recognition of the importance of digital asset inheritance within the crypto space. By implementing such functions, platforms can offer users peace of mind, knowing that their assets can be securely passed on according to their preferences.

Industry Response and Concerns Over Minor Inheritance

The introduction of inheritance features by Binance has sparked conversations across the crypto industry. Many users and industry experts have praised the initiative, viewing it as a step toward greater responsibility in handling digital assets. Some have suggested that other platforms should follow suit to offer comprehensive solutions for asset inheritance. However, the proposal allowing minors to inherit digital assets has raised concerns. Critics argue that while minors can receive assets, they should not be allowed to engage in trading activities until they reach the legal age. This ongoing debate emphasizes the need for balanced regulatory frameworks that protect young beneficiaries while respecting their rights to inherit.