Changpeng Zhao: "Cryptocurrency exchanges must implement a 'will function'"

JOON HYOUNG LEE

Summary

Changpeng Zhao, founder of Binance, stated that a 'will function' should be introduced at cryptocurrency exchanges.
He emphasized that the will function allows assets to be distributed in advance to designated accounts in the event of a user's death.
With Binance having already released its inheritance function, it was noted that expanding such features could help protect investors on the platform.

Changpeng Zhao (CZ), founder of Binance (pictured), stated on the 19th (local time) that "cryptocurrency exchanges should introduce a 'will function'."

Changpeng Zhao announced on X that "all (crypto) platforms should have a will function" because "humans cannot live forever yet."

He explained that the will function would allow assets to be distributed to designated accounts in advance according to predetermined ratios when a user passes away. He further commented, "Even within the legal regulatory framework, minors should be permitted to own accounts on (crypto exchanges)," adding that while trading can be restricted for minors, they should be able to receive funds.

Earlier, on the 12th of this month, Binance launched its inheritance function, which allows users to pre-designate beneficiaries within the platform so that their cryptocurrencies can be inherited when the user passes away.

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