Nominee related services in bitcoin | Bitcointalksearch.org

Yamane_Keto

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX.

How does this process work? Does the candidate have access just like the account owner or does he need to submit a death certificate first?

Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

The details of transferring ownership are complex and differ between countries, and I do not think that a multinational platform would want to delve into these details, especially since many of the cases in the courts are disputes over the rights of the heirs and to whom ownership of the money will devolve, and if there is a will or desire of the account owner and the complications will become more complex, they do not want that headache.

tabas

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It might be a good thread if someone who's also a member of the forum who has used this service and then actually went through the process of retrieving the funds of the loved one that passed away.

Quote from: Mr.right85 on November 25, 2023, 06:22:11 PM

Other than, being way too excited about this,
You could as well sort out for a best means to confer your private key or seed phrase to a next of kin and possibly some directives to retrieving what is left behind in whatever wallet.

Including all of those account login details and passwords. This is what's on my plan if ever the time comes unexpectedly for me and my life will be taken away at an unknown time. Since it is a common thing that even if we are telling that don't leave funds a lot on exchanges, there are people that never follow that and still leaving there so, login credentials of exchanges and any other important wallets on how we keep the private keys or seed phrases written. Be also that type of person that records everything so it's going to be one last of will which I have prepared as well but my relatives and immediate family doesn't know yet.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

If its not there, its not there, no question of asking why its not there. Roll Eyes

Of course it is a good option to have. You can nominate someone and then they have to undergo a KYC and be able to collect your funds in case something bad happens. It is the present in most of the Indian Stock brokers and I guess the crypto exchanges are following the same suit, WazirX being from India.

Possible that is near future the international exchanges add in a similar option too. Even some gambling sites have an emergency withdrawal address locked in for every account.

Mr.right85

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

Why this might be possible,
I however don’t see it to be an added advantage.

It in fact promotes the wrong idea of having to store your coins on a centralized exchange which remains susceptible to hacks, shutting down, being seized by authorities and maybe getting involved in some wrong investment. All of which could lead to a lose of your holdings and your purpose of having to leave your coin on an exchange just because of a nominee feature would be defeated.

Other than, being way too excited about this,
You could as well sort out for a best means to confer your private key or seed phrase to a next of kin and possibly some directives to retrieving what is left behind in whatever wallet.

That way (although you would be long gone with no reason to worry), your coin is sure to get to the right hands depending on what permutations you’ve put in place to ensure that.

Orpichukwu

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

Your country's local exchange made this possible as a result of them being active and operating in that locality with some regulatory authority involved, which means the exchange has the required information, both legal and personal, that could be used for transactions or ownership, which many other international exchanges don't care to have.

Let's not forget that centralised exchanges are no different from our local banks, and as such, the exchange can also be following the same monetary policy that is governing the country's financial system, so it's easy for them to do that.

If you are the type that saves money on crypto exchanges, then that might be helpful for you, as you don't need to worry about who will be in charge of your funds if you are unable to reach them, as many people always do, as you will have to set those up on time.

But saving crypto on exchanges is not the best option; they are meant for converting, selling, and buying and should be used for such. 24 hours of holding on exchange is even too much to decide where to withdraw your money.

so98nn

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That’s not unique feature. That is mandate for any financial related services in India where any person opening a bank account, trading account, or any other type of instrument that has Money involved in it will give you option to choose a nominee for yourself. I am not sure how popular it is on the international level but Chit Fund is unregulated instrument that also has nominee requirement!! On the other hand WazirX is large centralised exchange which means they have strict watch of Reserve Bank of India. In uncertain conditions like death they will need to take eight course of action for the money on that account. It cant just sir there forever and away from the circulation. It is actually good option for long term traders and with investment on long portfolios.

wallet4bitcoin

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Quote from: Upgrade00 on November 25, 2023, 03:16:51 AM

Rather than a nominee, you can write to the exchange with all the necessary information with with to claim the funds in it, this will include a proof of death (death certificate) and a proof that you are the benefactor of the user. This is a requirement to ensure someone doesn't steal the funds of someone else while they are still alive.

But all of these points are moot cause you should not store your funds in an exchange to begin with, so there should be no need for a process of retrieval. Use non custodian walllets.

Overall, I don't see the need to even consider exchanges as a habitable place for crypto outside trading operations.

Immediately after you close your trading or exchange, initiate a withdrawal immediately. With the recent turn out of events on SEC against CEX, it is disastrous to want to find yourself in the kind of situation FTX users found themselves a few years ago

zasad@

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

I translated this topic a long time ago
https://bitcointalksearch.org/topic/--5285003

Receiving an inheritance is not a quick process. For example, in Russia, heirs wait at least six months before registering an inheritance, so if the deceased has bank accounts, then this money is withdrawn earlier through a bank card, and real estate or cars are registered by a notary only after 6 months.
Do you need these problems? It is better that your heirs have access to the exchange account and can withdraw coins at any time.

yudi09

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

I want to confirm hugeblack opinion that the funds deposited are not for saving but for trading. The amount of money on the exchange must not be large or just for trading needs.
Inheriting assets to someone you trust is enough to hand over your exchange account password, GA code and email password.
Expecting safe funds on the exchange with this feature option certainly cannot guarantee that the money can be obtained by the person who will receive it because we don't know how long the exchange will last in operation.
A safe place to store money is not on an exchange.

Jating

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Quote from: krishnaverma on November 25, 2023, 01:22:54 AM

I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

If you don't see it in other exchanges, it also means that they don't want to have this kind of options. First off, we don't want to leave huge amount of crypto in exchanges, second rule, how will the exchanges know that the person really dies?

Not to burst the bubble, but it's going to be hard for a international exchanges to proved that the real owner has passed away. Death Certificates can also be faked so exchanges should have doubts when some claimants suddenly appear and putting pressures on them to released the crypto because he or she was supposedly the one to get it when the real owner die.

tbct_mt2

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Quote from: hugeblack on November 25, 2023, 04:28:14 AM

It is a good feature, but aren't you supposed to leave your money on exchange? It is not for storing money, but for trading, and the money allocated for trading is not supposed to be large. It is also better for you to leave the password for your family in a safe place and for them to be able to access the platform using your computer, and thus it will reduce It is possible that your account will be closed because you accessed the platform with the same computer, the same IP address, the same email, and all the data.

Third party and centralized services are not supposed to be good and safe places to store money.

Reminder: do not keep your money in online accounts.

Why they should not store their bitcoin, money there? Andreas Antonopoulos explained about it Bitcoin Q&A: Not your Keys, Not your Coins

Some reminders to not do this
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Securing your wallets

hugeblack

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It is a good feature, but aren't you supposed to leave your money on exchange? It is not for storing money, but for trading, and the money allocated for trading is not supposed to be large. It is also better for you to leave the password for your family in a safe place and for them to be able to access the platform using your computer, and thus it will reduce It is possible that your account will be closed because you accessed the platform with the same computer, the same IP address, the same email, and all the data.

sunsilk

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That's a good feature if you think that you can make use of it then declare your nominees if ever something unfortunate happens to you. Or if you are foreseeing your passing soon then you can literally make use of that option.

And for the other international exchanges, Upgrade00 is right. You can simply contact the exchange about the passing of the owner just like what's said on Binance article about someone's death and his cryptos on exchanges.

Quote from: https://academy.binance.com/en/articles/how-to-safely-pass-on-your-crypto-when-you-die

[...] the executor of the will should contact the exchanges to inform them of the death and provide all relevant information and documents. The right way to do this is usually set out in Terms of Service of the exchange. This step usually requires proof of death, such as a death certificate and proof that you have the authority to deal with the crypto assets of the deceased account holder. For example, the executor of the will can provide a copy of the will or court authority. [...]

348Judah

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Isn't it more better to stay off the centralized exchange and make use of a non custodial wallet, then you can choose for your own self how you could help the situation in case of anything happens, what will be the assurance that your nominee will not receive a tough time in claiming your asset, they may even choose not to give such the entitled funds, i will rather go with using an internationally recognized exchanges, also using them only for trading purpose, when it's comes to asset inheritance, that will be definitely determined by me on which way or method to use.

Upgrade00

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Rather than a nominee, you can write to the exchange with all the necessary information with with to claim the funds in it, this will include a proof of death (death certificate) and a proof that you are the benefactor of the user. This is a requirement to ensure someone doesn't steal the funds of someone else while they are still alive.

But all of these points are moot cause you should not store your funds in an exchange to begin with, so there should be no need for a process of retrieval. Use non custodian walllets.

krishnaverma

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I see the option to add nominee in my local crypto exchange, WazirX. But I have not seen such option in international exchanges so far. Any reason why? This can be a good option which will hell transfer of funds to relatives in case of death of main account holder.

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