• Binance launches emergency contact and inheritance features with the recent update.
• Analysts estimate 200,000 Binance users die yearly, with $128M in dormant assets.
• CZ advocates industry-wide ‘will functions’ and regulatory support for minor accounts.

Binance has implemented emergency contact and inheritance features in its June 12 platform update, addressing the growing issue of cryptocurrency assets lost due to user deaths. The new functionality allows users to designate emergency contacts who can submit inheritance applications when account holders become unable to access their funds. This provides a structured approach to asset recovery for surviving family members.

Cryptocurrency analyst Cryptobrave highlighted the urgency of this feature, noting that over $1 billion worth of crypto assets are inherited by centralized exchanges annually when users die in accidents. The analyst’s April post identified this as a growing problem requiring immediate industry attention.

The post Binance Introduces Emergency Contact System as CZ Calls for Industry-Wide ‘Will Functions’ appeared first on Coin Edition.

• Binance launches emergency contact and inheritance features with the recent update.
• Analysts estimate 200,000 Binance users die yearly, with $128M in dormant assets.
• CZ advocates industry-wide ‘will functions’ and regulatory support for minor accounts.

Binance has implemented emergency contact and inheritance features in its June 12 platform update, addressing the growing issue of cryptocurrency assets lost due to user deaths. The new functionality allows users to designate emergency contacts who can submit inheritance applications when account holders become unable to access their funds. This provides a structured approach to asset recovery for surviving family members.

Cryptocurrency analyst Cryptobrave highlighted the urgency of this feature, noting that over $1 billion worth of crypto assets are inherited by centralized exchanges annually when users die in accidents. The analyst’s April post identified this as a growing problem requiring immediate industry attention.

The post Binance Introduces Emergency Contact System as CZ Calls for Industry-Wide ‘Will Functions’ appeared first on Coin Edition.