Inheriting Crypto from Binance and Other Overseas Exchanges: What Heirs Need to Know
If a family member passed away while using overseas exchanges such as Binance, Bybit, or KuCoin, the cryptocurrency remaining in their accounts is part of their estate.
Unlike a domestic bank account, however, the process is far from straightforward. Most heirs have no idea where to begin.
Crypto Held on Overseas Exchanges Is Part of the Estate
The fact that an exchange is based overseas does not exclude its assets from inheritance. Any asset with economic value is subject to estate laws, regardless of where it is held.
The following types of crypto assets are typically included in the estate:
- Coins held in spot and futures accounts on overseas exchanges such as Binance, Bybit, and KuCoin
- Assets held in sub-accounts, Earn/staking products, Launchpad/Launchpool, and similar products
- Stablecoins such as USDT and USDC, as well as altcoins and tokens of all kinds
- Coins stored in personal wallets such as MetaMask or hardware wallets
The challenge is that, unlike domestic bank accounts, there is no centralized system for looking up balances across exchanges. Heirs must track down every exchange and wallet the deceased used on their own. This typically requires piecing together evidence from emails, text messages, OTP apps, exchange notification emails, and bank transaction records.
Why Inheriting from Overseas Exchanges Is So Complicated
Overseas exchange accounts are built around a single-user model. From account registration and KYC verification to two-factor authentication, everything is tied to the account holder personally. Even as a legitimate heir, you cannot simply log in or withdraw funds.
⚠️ Important: Attempting to access the account without authorization carries serious legal risk. Guessing login credentials or bypassing 2FA to move assets could expose you to criminal or civil liability. If there are multiple heirs, it could escalate into a dispute over embezzlement, breach of fiduciary duty, or unjust enrichment.
Each exchange also has its own inheritance process and documentation requirements. Some, like Binance, have a formal inheritance procedure in place. Others have no published guidelines at all and handle requests case by case via email.
If the account was registered under a non-Korean nationality — such as a European or Japanese address — the exchange may require documents that conform to that country's legal standards. When multiple heirs are involved, some exchanges require signatures and consent from all parties, which can stall the process for months if family cooperation breaks down.
Three Problems That Are Hard to Solve Alone
These are the most common difficulties heirs encounter in practice.
① The documentation cycle Even after contacting customer support, heirs often receive nothing more than a generic reply asking for proof of death and proof of heirship. Submit one set of documents, and the exchange asks for another. Misunderstandings in English-language correspondence can send the process back to square one.
② The estate tax deadline If the tax filing deadline arrives before the crypto has actually been recovered, heirs face a separate problem: which date's price should be used for valuation, and how should the filing be handled? Missing the deadline or filing incorrectly can result in significant penalties and surcharges.
③ Disputes among co-heirs One heir may want to recover and divide the assets quickly, while another delays or refuses to cooperate on documentation. If one heir accesses the account and moves assets unilaterally before an agreement is reached, it can give rise to claims of embezzlement or unjust enrichment against them.
Decent Law Firm's Five-Step Process
Decent Law Firm's dedicated digital asset team handles inheritance cases involving not only domestic exchanges such as Upbit and Bithumb, but also overseas exchanges including Binance.
① Identifying the deceased's crypto holdings
We begin by reviewing emails, mobile records, 2FA apps, and transaction histories to build a complete picture of every exchange account and wallet involved.
② Structuring the estate and tax strategy
We assess the composition of heirs, the existence of a will, the proportion of crypto relative to other assets, and the optimal approach to estate tax filing — helping the family reach a clear agreement on how assets will be divided.
③ Analyzing each exchange's requirements and preparing documentation
We review the inheritance procedures and requirements for each overseas exchange, then design the appropriate authentication process — including translation, notarization, and Apostille certification where required.
④ Filing inheritance claims and supporting asset recovery
We handle all English-language correspondence with the exchanges, manage document submission, and respond to follow-up requests — working to ensure the inherited crypto is transferred safely into the heirs' accounts.
⑤ Estate tax filing and ongoing risk management
We oversee valuation timing, exchange rate application, and tax return preparation, while accounting for the risk of future tax audits or disputes.
Not sure where to start? Let's talk first
The decisions made early in an overseas crypto inheritance case can significantly affect the odds of recovery, the time it takes, the tax burden, and the likelihood of family conflict.
Decent Law Firm's digital asset team is with you from the initial consultation through to final recovery and tax resolution.
