Binance Chain to Discontinue Legacy Multi-Signature Wallets: Users Urged to Migrate to Safe Global by 2025
- Why Is Binance Chain Phasing Out Its Multi-Sig Wallets?
- Step-by-Step Migration Process Explained
- What Happens After Migration?
- The Evolution of BNB's Multi-Sig Solution
- FAQs About the BNB Chain Wallet Migration
In a major security upgrade, Binance Chain has announced the impending shutdown of its legacy BNB Chain Multi-Signature (Multi-Sig) wallet system, with all users required to migrate their assets to SAFE Global before the end of 2025. This transition marks the end of a two-year service period for the original multi-sig solution that launched in October 2023.
Why Is Binance Chain Phasing Out Its Multi-Sig Wallets?
The Binance Chain development team revealed this week that their BNB Safe{Wallet} - built on Gnosis Safe protocol - will be deactivated in the coming weeks. According to their official X account, "The BNB Chain will be discontinued soon. To keep your assets secure, you'll need to migrate to Safe Global." The new platform will continue supporting BNB Smart Chain and other EVM-compatible networks.
I've been following multi-sig wallet developments since 2022, and this migration reminds me of Ethereum's major protocol upgrades - necessary but sometimes tricky for less technical users. The good news? Your transaction history and security parameters remain intact during the move.
Step-by-Step Migration Process Explained
The migration maintains existing security thresholds, ownership structures, and transaction histories, though some transaction details might temporarily disappear until full synchronization completes. Here's how it works:
1. Connect one of your existing signature wallets through Safe's interface
2. Import your old Safe configuration by entering wallet name and address
3. Watch for three key compatibility indicators during the process
As shown in screenshots shared by BNB Chain developers, users will encounter warnings like "incompatible tracbase" during migration. These are normal - just follow the prompts to proceed. The system clearly warns that transactions won't appear immediately in history due to the base contract transition.
What Happens After Migration?
Once completed (typically within minutes), all future transactions will index normally, and legacy restrictions disappear. The team recommends verifying migration data using external tools like Safe Utils. The migration transaction (called migrateL2Singleton in SafeMigration 1.4.1) ensures compliance with BNB Chain's latest supported version.
Interestingly, this reminds me of when MetaMask introduced their Snaps feature - changes that seem small but actually represent major backend improvements. The migration requires approval from all necessary signatories, maintaining the wallet's original security configuration (like 2-of-3 setups).
The Evolution of BNB's Multi-Sig Solution
Launched in October 2023, the BNB Safe{Wallet} was built using Gnosis Safe protocol, which powers over 200,000 ethereum validators. These wallets require multiple private keys to approve transactions - for example, needing two approvals from three designated owners.
Jung-Hua Liu, a cryptocurrency enthusiast and Medium author, notes users should connect Web3 wallets like MetaMask and ensure sufficient BNB for gas fees. Safe's factory trac system reserves addresses before activation, similar to how ENS domains work.
The Binance Chain team strongly advises against creating "1 of 1" safes, which defeat the purpose of multi-signature security. As someone who's seen multiple exchange hacks, I can't stress enough how important proper multi-sig setups are for asset protection.
FAQs About the BNB Chain Wallet Migration
When exactly will the old multi-sig wallets stop working?
The BNB Chain team hasn't announced a specific shutdown date, but migration must be completed before the end of 2025.
Can I still use my old wallet address after migration?
Yes, your wallet address remains the same - only the underlying smart contract infrastructure changes.
What happens if I don't migrate before the deadline?
Your assets remain on-chain but may become inaccessible through the old interface. The team strongly recommends completing migration well before the cutoff.
Are there any costs associated with migration?
You'll need enough BNB to cover gas fees for the migration transaction, similar to regular blockchain operations.
How do I verify my migration was successful?
Check using Safe Utils or Transaction Decoder tools, and confirm all signatories can access the new wallet.
