Binance has Launched “Will Function” to Allow Users Give Crypto Assets to Next of Kin

Binance, the world’s largest cryptocurrency exchange, has launched a new feature called the “Will Function” to help users give crypto assets to their next of kin in the event of death or prolonged inactivity. This move, announced on June 12 and strongly supported by Binance founder Changpeng “CZ” Zhao, is designed to solve a big problem in the crypto world: what happens to your digital wealth if you’re no longer around to manage it.

The Binance “Will Function” allows users to set up an emergency contact who can claim their crypto assets, like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), if the user’s account goes inactive for a long time. After this period, Binance will notify the emergency contact by email and SMS. If there’s still no response from the original user, the emergency contact can start the process to claim the assets.

To do this, the emergency contact must provide important documents, such as a death certificate and a valid ID. Binance’s team will then review the claim, and if everything checks out, the crypto assets will be transferred to the chosen beneficiary’s Binance account. This process usually takes about one to two months.

CZ, Binance’s founder, has stressed how important this feature is. In a recent post, he 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.” He also suggested that even minors should be able to receive funds, even if they can’t trade them yet.

The Binance “Will Function” is a response to a real problem: billions of dollars in crypto are lost every year because people die or lose access to their accounts, and there’s no easy way for families to recover those assets. Some estimates say over $1 billion in crypto goes unclaimed each year due to a lack of proper planning. In the past, inheriting crypto often meant dealing with complicated legal processes or technical solutions like smart contracts, which many people find confusing or hard to use.

Now, Binance is making things much simpler by building the inheritance feature directly into its platform. This means millions of users can easily set up a plan to give their crypto assets to their next of kin, without needing to be tech experts or hire lawyers.

Setting up the Binance “Will Function” is straightforward:

Users go to the Customer Support section and choose “Self Service → Legacy Inheritance” to set an emergency contact.

If there’s no account activity for a set period, Binance sends notifications to both the user and the emergency contact.

The emergency contact can then upload the required documents through Binance’s secure portal.

Binance reviews the claim and, if approved, transfers the crypto assets to the beneficiary’s account.

The crypto community has welcomed the Binance “Will Function,” calling it a thoughtful and much-needed step to allow users give crypto assets to next of kin. Some users have even suggested that in the future, entire accounts, not just funds, should be transferable, as digital legacies grow to include things like social influence and content ownership.

With this new feature, Binance is setting a new standard for crypto inheritance, making it easier for people to protect their digital wealth and ensure it reaches their loved ones when the time comes.

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