Binance has launched a crucial new feature called the “Will Function,” designed to address a significant gap in the cryptocurrency industry by enabling users to designate beneficiaries for their digital assets. Announced on June 12 and strongly advocated by founder Changpeng “CZ” Zhao, this functionality aims to prevent the irreversible loss of crypto holdings that can occur due to a user's death, incapacitation, or prolonged abandonment of their account. By securely transferring assets to heirs, Binance is setting a new standard for responsible digital asset management.

CZ has consistently emphasized the necessity of such a feature across all cryptocurrency platforms. In a recent post, he highlighted that while it's a topic often avoided, human mortality necessitates mechanisms for asset distribution. He argued that every platform should incorporate a "will function" to ensure that when a user is no longer able to manage their assets, these can be distributed to designated accounts according to specified proportions. Furthermore, he suggested that regulatory frameworks should adapt to allow minors to hold accounts, potentially with restricted trading capabilities, but with the ability to receive funds.

Binance’s initiative places it alongside other forward-thinking platforms like Gate.io, which has offered a similar "Backup Contacts" feature for approximately five years. The “Will Function” allows Binance users to appoint emergency contacts, establish inactivity triggers, and facilitate the orderly distribution of their digital wealth. Initially, this includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), with plans for future expansion to cover more assets. This directly aligns with CZ’s vision for universal inclusion of inheritance tools across the industry.

Understanding Binance’s “Will Function” involves a clear, multi-step process. Users begin by appointing one or more emergency contacts through the "Customer Support" section under "Self Service → Legacy Inheritance." The system then monitors account activity; if there is no login over a set period, both the user and their designated emergency contact(s) receive notifications via email and SMS. Should the inactivity persist, the inheritance mechanism is triggered.

At this stage, the emergency contact is prompted to file a claim. This requires submitting essential documentation, including the account holder’s death certificate and verified identification, through Binance’s secure portal. Binance’s dedicated inheritance review team then thoroughly verifies the legitimacy of the claim. Upon approval, the eligible crypto assets are systematically transferred to the designated beneficiary’s Binance account within a timeframe of one to two months. This streamlined process became effective as of June 12.

CZ's advocacy for this feature stems from a broader vision of responsible leadership within the crypto space, recognizing that without robust legacy infrastructure, digital assets risk being lost permanently. He underscored the importance of safeguarding assets not only for heirs but also for maintaining the credibility and stability of the entire crypto ecosystem. Historically, the absence of such mechanisms has led to significant losses; an estimated four million bitcoins, valued at over $95 billion, are believed to be irrecoverable due to missing private keys and unused wallets.

Industry researchers and experts have consistently advised crypto investors, particularly those in their 30s and 40s who may lack traditional estate plans, to include their digital currencies in their wills. Binance’s embedded inheritance tool offers a practical and accessible alternative to complex decentralized wills, smart contracts, or conventional legal trusts, which many users find technically daunting or difficult to access. This direct integration into a custodial exchange simplifies the process for millions of global users, making crypto estate planning more attainable.

The introduction of the "Will Function" has garnered widespread positive feedback from various stakeholders. Dr. Han, founder and CEO of Gate.io, publicly supported CZ on X, remarking on life's fragility and the importance of such provisions. He highlighted that Gate.io launched its "Backup Contacts" five years prior for similar reasons, expressing satisfaction that the industry is now widely recognizing the importance of these essential tools. Binance's feature arrives amid a growing demand for user-friendly crypto estate planning solutions, distinguishing itself by offering an integrated system directly within its platform, thereby simplifying accessibility compared to other external or technically demanding options like DeTrust Wallet.