Binance has announced the introduction of a built-in emergency contact and inheritance function on its platform. This new feature allows users to designate beneficiaries and recover assets after periods of account inactivity.
According to AInvest, Binance introduced the "Will Function" on June 12. This feature enables users to name emergency contacts and set inactivity triggers to ensure their crypto assets—such as Bitcoin, Ethereum, and BNB—are transferred to designated beneficiaries. The move addresses a longstanding issue in the cryptocurrency industry, where funds can become irretrievably lost when users die without succession planning. The feature aims to streamline asset inheritance by embedding estate planning tools directly into the platform.
Industry analysis by Binance reveals that more than $1 billion in cryptocurrency assets are lost annually due to account inactivity resulting from untimely deaths. Analysts estimate that around 200,000 Binance users die each year, leaving approximately $128 million in dormant assets based on global accident mortality rates. This highlights the scale of asset loss and illustrates the urgent need for digital estate planning solutions.
BeInCrypto reports that the Will Function includes a multi-step inheritance process: emergency contacts are notified after defined dormancy, must upload official documents like death certificates and ID proof, and once verified by Binance’s inheritance team, assets are transferred within one to two months. Changpeng Zhao (CZ) has publicly urged regulators to allow minors to hold non-trading accounts so they can legally receive inherited crypto. The initiative also encourages other platforms to adopt similar mechanisms, reinforcing Binance’s position as an industry pioneer.
Binance, founded by Changpeng "CZ" Zhao, is recognized as the world’s leading cryptocurrency exchange by trading volume. It offers comprehensive services such as spot and derivatives trading, staking, and savings while operating in over 180 countries. The company is renowned for frequent innovation in crypto custody, security, and user-oriented financial tools.