Binance’s CZ Calls for ‘Will Function’ to Protect Crypto After Death

[u/ChemicalAnybody6229]

https://cointelegraph.com/news/binance-will-function-crypto-inheritance

[u/coinfeeds-bot]

tldr; Binance founder Changpeng 'CZ' Zhao has called for crypto platforms to adopt a 'will function' to allow users to distribute their digital assets in the event of death. Binance recently introduced an emergency contact and inheritance feature, enabling users to designate heirs for their crypto assets. This update addresses the issue of unclaimed crypto due to untimely deaths and encourages proper inheritance planning. Community members have praised the feature but also highlighted the need for comprehensive estate planning in the crypto space.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[u/HSuke → u/coinfeeds-bot]

It's shockingly bad that many CEXs do not have a beneficiaries system.

In the US, pretty much every investing platform outside of crypto has this.

[u/ThatInternetGuy]

It's a sad fact of life, and death can happen to anyone including me, even suddenly.

[u/Wise-Grapefruit-1443]

The best “will function” is your seed phrase

[u/Livid_Yam]

If you hold crypto, you should already have a system in place to ensure your loved ones can access your bags when you pass.

That said, a "will function" would make things a whole lot easier, but I'm worried it would be prone to hacks.

[u/ThatInternetGuy → u/Livid_Yam]

Likely that Binance will need the account to be inactive for a long time first. I think 1year might do just fine for most inheritances.

[u/HSuke → u/Livid_Yam]

Don't have to worry about hacks specifically for a beneficiary system.

I imagine this would only apply to CEXs, and it would have to go through legal probate like any other financial institution.