Binance Launches New “Will Function” to Help Users Pass On Their Crypto After Death
Binance, one of the world’s biggest cryptocurrency exchanges, has introduced a new feature called the “Will Function.” This tool lets users choose who will inherit their crypto if they die, become unable to use their account, or stop logging in for a long time.
The feature was announced on June 12 and was strongly supported by Binance’s founder, Changpeng “CZ” Zhao. He said this is an important step because, without it, many people’s crypto could be lost forever if something happens to them.
Why This Feature Matters
CZ explained in a post on X (formerly Twitter):
“This is a topic people don’t like to talk about, but the truth is, nobody lives forever. Every platform should have a ‘will function’—so that if someone passes away, their assets can go to the right people. Laws should also allow minors (children) to receive funds, even if they can’t trade yet.”
Right now, an estimated 4 million Bitcoin (worth over $95 billion) are lost forever because people died without sharing their passwords or left wallets unused. Binance’s new tool helps prevent this.
How the “Will Function” Works
Choose an Emergency Contact
Users can pick one or more trusted people (like family members) in the Binance app under Customer Support → Legacy Inheritance.
Set Up Inactivity Alerts
If the account isn’t used for a long time, Binance will send alerts to both the user and their emergency contact.
Submit Documents if Needed
If the user has passed away, the emergency contact must provide:
A death certificate
Their own ID
Proof of their relationship to the user
Binance Reviews & Transfers Funds
After checking everything, Binance will move the crypto (like Bitcoin, Ethereum, or Binance Coin) to the beneficiary’s account within 1-2 months.
Other Exchanges Are Doing This Too
Binance isn’t the first Gate.io, another crypto exchange, added a similar feature five years ago. Its CEO, Dr. Han, praised Binance’s move, saying:
“With wars and uncertainty in the world, we never know what will happen. That’s why we made sure people’s crypto can go to their loved ones. It’s great to see more companies doing this.”
Why Not Just Use a Will or Smart Contract?
Regular wills often don’t include crypto because many people forget to update them.
Smart contracts (used in decentralized wallets) can help, but they’re complicated for most people.
Binance’s solution is built into the exchange, making it easier for everyday users.
What’s Next?
Right now, the feature works for Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), but Binance plans to add more cryptocurrencies soon.
CZ says this isn’t just about helping families it’s also about making the crypto industry more trustworthy. If people know their assets won’t disappear, they’ll feel safer investing.
Final Thought
As more people use crypto, tools like this will become even more important. Without them, billions of dollars in digital money could be lost forever just because someone didn’t plan ahead.
Binance’s new feature is a big step toward fixing that problem.
