What happens to your crypto when you die? Binance starts solution

Every year, more than $ 1 billion of cryptocurrencies disappear because the owners die without having arranged a transmission plan. Binance, one of the world's biggest crypto, wants to change that with a new function. But what happens to your cryptocurrencies if you suddenly no longer be there?

Every year, $ 1 billion of crypto

Binance started a so -called 'Will Function'. With this function, users can name an emergency contact that can start a claim for inheritance after a long inactivity. According to the founder and former CEO Changpeng Zhao (Cz) this is a necessary step. “This is a topic that avoid people, but the reality is that nobody lives forever,” he wrote on x. CZ thinks that each platform should offer such an option.

The new function was added to the platform on June 12th. If a user does not log in for a long time, the named contact person receives a notification. This person can then start the process to claim the cryptoma coins. According to CZ, it is important that this transmission takes place in accordance with the wishes of the original owner.

The crypto community is largely positive. X-user CryptobraveHQ called the function “well thought out”. He pointed out that annually for more than $ 1 billion in cryptocurrencies remains unexpected after the owner's death.

CZ urges platforms to regulate crypto transmission

Lawyers and analysts indicate that many crypto investors are between 27 and 42 years old and have often not made any regulation. Dubai-based lawyer Irina Heaver called it “the least that can be done” last year to include his cryptocurrencies in a will. In their opinion, families are often powerless when someone dies unexpectedly.

The topic hits the core of Web3, where decentralization and self -responsibility play an important role. According to CZ, platforms should support users in regulating the transfer of their cryptocurrencies.