Latest news with #Binance
Yahoo
2 hours ago
- Business
- Yahoo
CZ Urges Crypto Exchanges to Add Inheritance Tools – 'Every Platform Should Have a Will Function'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Binance founder and former CEO Changpeng 'CZ' Zhao has urged the cryptocurrency industry to take a more conscious approach to tackling inheritance issues. Zhao said last week that cryptocurrency exchanges should have tools to ensure proper asset distribution in the event of unexpected death. 'This is a topic people avoid, but the fact is, humans cannot live forever yet,' he said. '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. It's a feature everyone (who have assets on a platform) will need once.' Don't Miss: Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account. Zhao also said it would help if regulators allowed minors to own accounts on cryptocurrency exchanges, albeit with trading restrictions. Zhao said that inheritance is more complicated for assets in self-custody. In February, he recommended that cryptocurrency users transfer a USB stick used to sign transactions offline to their loved ones with instructions on how to use it. He said this USB stick should be password secured, adding that the password should be in a PGP encrypted automated email sent by a dead man's switch service. Zhao's recent effort to draw attention to the issue of cryptocurrency inheritance follows a June 12 Binance update that introduced an 'emergency contact' feature, allowing users to designate persons that can claim their assets if they die. Trending: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. Unlike traditional finance institutions, most cryptocurrency platforms do not require users to complete procedures for transferring assets in the event of death. Existing inheritance procedures are often stressful and unreliable, typically requiring the submission of multiple documents. How cryptocurrency assets that are considered to be abandoned are handled varies across regions. In some states, unclaimed property law may require the liquidation of these assets and their transfer to the state office. There have also been instances where exchanges charge exorbitant fees on the unclaimed account until it is emptied. 'Crypto-Fearless,' a prominent cryptocurrency influencer, claimed in April that centralized exchanges 'inherited' $1 billion worth of cryptocurrency assets every year from the unexpected death of update represents a step in the right direction for the cryptocurrency industry as the asset class becomes more widely accepted as a means of wealth storage. Crypto-Fearless described the update as 'really thoughtful,' adding, 'I hope other exchanges will also speed up the introduction of this function.' The issue of cryptocurrency inheritance is also likely to improve as more legacy financial institutions offer services in the space. These firms can leverage their already existing inheritance systems. Read Next: Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share. This article CZ Urges Crypto Exchanges to Add Inheritance Tools – 'Every Platform Should Have a Will Function' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
12 hours ago
- Business
- The Star
Bolivia crypto transactions up over 530% amid currency woes
A waiter collects a diner's bill in cryptocurrency, as Bolivians are increasingly turning to cryptocurrencies and exchange platforms like Binance as a shortage of dollars and high inflation force savers to look for alternatives, in Cochabamba, Bolivia June 12, 2025. REUTERS/Claudia Morales (Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by governmentintervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." (Reporting by Lucinda Elliott in Montevideo and Daniel Ramos in La Paz. Editing by Diane Craft)
Mint
14 hours ago
- Business
- Mint
Bolivia crypto transactions up over 530% amid currency woes
(Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households."
CNA
17 hours ago
- Business
- CNA
Bolivia crypto transactions up over 530% amid currency woes
Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530 per cent, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households."
Yahoo
17 hours ago
- Business
- Yahoo
Bolivia crypto transactions up over 530% amid currency woes
(Reuters) -Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
