CZ Calls for Crypto Will Function to Prevent $1 Billion Annual Loss

Binance founder Changpeng Zhao, commonly known as CZ, has called for the implementation of a "will function" across all crypto platforms. This function would allow users to designate beneficiaries for their digital assets, ensuring that these assets can be passed on in the event of the user's death. CZ argues that this feature is essential for protecting digital assets and providing a sense of security for users. He also suggests that regulatory adjustments may be necessary to accommodate minors as beneficiaries, although this would require further legal clarification.

The need for such a function is underscored by the fact that more than one billion dollars in crypto are lost each year due to the absence of a designated heir. Without a will function, digital assets become inaccessible if the private key is not shared or if the user passes away unexpectedly. This issue is particularly relevant given the average age of crypto holders, which ranges from 27 to 42 years. The volatility of the crypto ecosystem makes it even more crucial to have a reliable inheritance mechanism in place.

Ask Aime: How can I ensure my crypto assets are protected and passed on to my loved ones according to my wishes, given the recent call by Binance's founder for a "will function" across all crypto platforms?

Binance has already launched an inheritance feature that allows users to mark an emergency contact after prolonged inactivity, paving the way for an inheritance request. This feature, introduced on June 12, 2025, is a step towards addressing the growing need for reliable inheritance tools in the crypto space. However, the community has raised concerns about the intangible value of Web3 accounts, which are difficult to transfer today. For example, a Binance user with 72,000 followers highlighted that the value of their account goes beyond just financial assets, including influence and recognition.

CZ's proposal goes beyond a simple technical feature; it sketches a new standard where death is no longer a black hole but a passage point. By integrating a "will function," platforms can establish a form of continuity and heritage in an ecosystem known for its volatility. This evolution is seen as a demonstration of genuine decentralization, as banks rarely release the assets of the deceased. Knowing that values can be passed on strengthens trust in the system.

However, the legal realities surrounding crypto inheritance are still unclear. In some regions, crypto assets are considered personal property, comparable to furniture or shares. Traditional mechanisms of life insurance or bank accounts do not apply to crypto assets, and without the private key, the inheritance remains inaccessible. CZ suggests a twofold approach: a classic will accompanied by technical instructions, kept secured. It is crucial never to write the keys in the will itself, as it becomes public during the probate process.

The debate on crypto inheritance extends beyond wealth to digital identities. The question of what happens to one's crypto "self"—including followers, SBT tokens, and wallet-linked IDs—is a complex issue. These elements are not just assets; they represent a person's trace and Web3 footprint. The community calls for solutions inspired by telephone operators, where the account can be fully transferred to the designated beneficiary. However, Web3's design relies on non-transferable links, making inheritance challenging. The "Soulbound Token" is precisely made to be attached to a unique identity, raising questions about how to inherit what cannot be divided or assigned.

In summary, CZ's call for a "will function" on every crypto platform highlights the urgent need for reliable inheritance tools in the crypto space. While Binance has taken the first step with its inheritance feature, the community and legal frameworks must evolve to address the complexities of digital asset inheritance. This initiative not only protects users' digital wealth but also strengthens trust in the crypto ecosystem.