Binance Chain Phases Out Legacy Multi-Signature Wallet, Urges Users to Migrate to Safe Global by November 2025
- Why Is Binance Chain Discontinuing Its Multi-Sig Wallet?
- How Does the Migration Process Work?
- What Are the Key Steps and Timelines?
- What’s the Backstory of BNB’s Multi-Sig Wallet?
- Why Avoid 1-of-1 Safe Configurations?
- How to Verify Migration Success?
- What’s Next for Binance Chain Users?
- FAQs
Binance Chain is sunsetting its older multi-signature (multi-sig) wallet solution, prompting users to migrate their assets to SAFE Global. The transition, set for completion by November 2025, ensures continued support for BNB Smart Chain and other EVM-compatible networks. Here’s everything you need to know about the migration process, security implications, and why this upgrade matters for decentralized finance (DeFi) users.
Why Is Binance Chain Discontinuing Its Multi-Sig Wallet?
The Binance Chain development team announced this week that its current BNB Chain Multi-Signature Wallet, built on the Gnosis Safe protocol, will be phased out in the coming weeks. Users are advised to transfer their accounts to Safe Global, which will continue supporting BNB Smart Chain and other EVM-compatible networks. The move aims to streamline security and improve interoperability across blockchain ecosystems.
How Does the Migration Process Work?
The migration preserves existing security thresholds, ownership structures, and transaction histories. However, some transaction details may only appear after full synchronization with the new interface. Users can initiate the process directly via the Safe Global platform by connecting one of their existing signature wallets linked to their Safe account. They’ll then import the old Safe configuration by entering its name and address.
During migration, users may encounter warnings like “Legacy contract not supported” or notifications about incompatible base contracts. These are normal—simply proceed by hiding the “migration2Singleton” tab to reveal the transaction creation form. Confirmation screens will prompt users to update their “Safe Account Base” to ensure compatibility with the latest BNB Chain version.
What Are the Key Steps and Timelines?
The migration, executed via thefunction in SafeMigration 1.4.1, typically takes minutes but may vary due to nonce and UI synchronization. Post-migration, transactions will index normally, and all legacy restrictions will lift. Binance Chain emphasizes that multi-sig approvals remain mandatory—no migration occurs without the required number of signatures matching the wallet’s existing configuration.
What’s the Backstory of BNB’s Multi-Sig Wallet?
Launched in October 2023, the BNB Safe{Wallet} Leveraged Gnosis Safe’s protocol—a pioneer in Ethereum-based multi-sig solutions since 2015. It required multiple private keys for transaction approvals (e.g., a “2-of-3” setup) and supported EVM chains like Ethereum Mainnet, Polygon, and BNB Smart Chain. Crypto analyst Jung-Hua Liu notes that users must cover deployment fees in BNB during migration, as Safe Global uses a factory contract to provision proxy wallets.
Why Avoid 1-of-1 Safe Configurations?
Binance Chain developers discourage 1-of-1 Safes, which function like regular wallets and defeat the purpose of multi-sig security. Instead, they advocate for configurations that distribute signing authority, reducing single points of failure.
How to Verify Migration Success?
Users should cross-check transaction data using tools like Safe Utils or transaction decoders. Post-migration, all future transactions will reflect standard indexing. The team reminds users to match migration details with their connected wallet info before signing.
What’s Next for Binance Chain Users?
With the November 2025 deadline approaching, users should prioritize migration to avoid service disruptions. Safe Global’s continued EVM support ensures seamless transitions, but delays could risk asset accessibility during the final shutdown phase.
FAQs
What happens if I don’t migrate my BNB Chain Multi-Sig Wallet?
Post-November 2025, the legacy wallet will no longer support transactions, potentially locking assets until migration is completed.
Can I use BTCC for this migration?
While BTCC is a cryptocurrency exchange, this migration is handled directly through Safe Global’s interface. Always verify URLs to avoid phishing scams.
Are there fees for migrating to Safe Global?
Yes, deployment fees in BNB apply. These cover gas costs for activating your new proxy wallet on-chain.
