The crypto exchange Binance
$4.12B
has launched a new feature that allows users to choose an emergency contact who can claim their crypto in the event of the user’s passing.
The update, released on June 12, allows the platform to notify this contact after long periods of account inactivity.
Once notified, the contact can begin the process to access the user’s funds.
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Following the update, Changpeng “CZ” Zhao encouraged other platforms to follow suit. In a June 19 post on X, he said, “This is a topic people avoid, but the fact is, humans cannot live forever”.
He added, “Every platform should have a ‘will function’ so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions”.
Reactions from the community were mostly supportive. One user on X called the decision “really thoughtful” and noted that every year, over $1 billion in crypto is left unclaimed due to unexpected deaths and a lack of proper planning.
Another X user pointed out that Binance profiles can also include written content, online influence, and community roles. They suggested that full accounts, not just funds, should be transferable, like how people can pass on their phone numbers.
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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
