Binance Chain to Sunset Legacy Multi-Sig Wallet, Urges Users to Migrate to Safe Global by November 2025
- Why Is Binance Chain Retiring Its Multi-Sig Wallet?
- How Does the Migration Process Work?
- What Are the Technical Nuances Users Should Watch For?
- How Does Safe Global Improve Upon the Legacy System?
- What Historical Context Explains This Transition?
- FAQs: Your Migration Questions Answered
In a major MOVE for BNB Chain users, Binance has announced the impending shutdown of its legacy multi-signature wallet system, with migration to Safe Global now mandatory. This transition preserves security thresholds while upgrading infrastructure—here’s what you need to know to safeguard your assets.
Why Is Binance Chain Retiring Its Multi-Sig Wallet?
The BNB Chain development team confirmed this week that their current Multi-Signature (Multi-Sig) wallet, built on Gnosis Safe protocol, will cease functioning in November 2025. Launched in October 2023, this wallet served over two years as a secure solution for EVM-compatible chains like BNB Smart Chain and Polygon. Its retirement aligns with broader industry shifts toward standardized smart contract architectures. "The existing BNB Chain Multi-Sig wallet will soon be deprecated. Users must migrate to Safe Global to maintain asset security," stated the official BNB Chain X account.
How Does the Migration Process Work?
Migrating involves three key stages:
- Wallet Connection: Users connect one of their existing signer wallets (e.g., MetaMask) to Safe’s interface via BNB Smart Chain (ChainID 56).
- Configuration Import: Historical settings—including ownership structures and transaction thresholds—are preserved by inputting the legacy Safe’s name and address.
- Transaction Signing: All required signers must approve the migration via a one-time
migrateL2Singletontransaction, which updates the wallet’s proxy contract.
Notably, transaction histories may temporarily appear incomplete until full synchronization completes. The BTCC team recommends cross-verifying data using tools like Safe Utils during this phase.
What Are the Technical Nuances Users Should Watch For?
During migration, users encounter three distinct warning indicators about incompatible legacy infrastructure:
- An explicit "tracbase not supported" alert
- UI notifications stating "This Safe account was created with an unsupported tracbase"
- Transaction history gaps until synchronization finalizes
These are normal—developers emphasize the process typically completes within minutes once all signers approve. Post-migration, all restrictions lift, and transactions index normally.
How Does Safe Global Improve Upon the Legacy System?
Safe Global introduces several upgrades:
| Feature | Legacy Wallet | Safe Global |
|---|---|---|
| EVM Compatibility | BNB Chain-focused | Supports 15+ EVM chains |
| Gas Optimization | Standard deployment | Counterfactual deployment (activation upon first use) |
| Security Configurations | 2-of-3 standard | Customizable multi-sig schemes |
The platform’s factory trac system reserves wallet addresses before activation, reducing upfront costs. However, Binance explicitly discourages 1-of-1 configurations as they negate multi-sig security benefits.
What Historical Context Explains This Transition?
Gnosis Safe—the protocol powering both systems—originated from Ethereum’s need for institutional-grade custody solutions. With over 200,000 validators and integrations like CoW Protocol, it became the Gold standard for programmable asset management. Binance’s 2023 adoption brought this infrastructure to BSC users, but evolving standards necessitated this upgrade.
FAQs: Your Migration Questions Answered
When exactly will the old wallet stop working?
The BNB Chain Multi-Sig wallet will fully decommission in November 2025. Exact dates will be announced on Binance’s official channels.
Can I migrate if some signers are unavailable?
No—all configured signers must approve the migration transaction. This maintains the original security model.
Will my wallet address change after migration?
No, addresses remain constant as only the underlying smart contract proxy updates.
Are there gas fees for migration?
Yes, you’ll need sufficient BNB to cover transaction costs—typically under $5 at current rates.
