Binance Chain to shut down legacy multi-sig wallet, urges users to migrate to Safe Global

The Binance Chain development team announced that the existing BNB Chain Multi-Signature (Multi-Sig) Wallet will soon be decommissioned. Users are being urged to migrate their assets to the Safe Global platform. The team confirmed that the current BNB Safe{Wallet}, which is based on the Gnosis Safe protocol, will close down in the coming weeks. The migration process is now live and will continue to support the BNB Smart Chain as well as other EVM-compatible networks.

“The current BNB Chain Multi-Sig Wallet will sunset soon. To keep your assets secure, you’ll need to migrate to Safe Global,” the Binance Chain developers stated on their X account.

The migration process retains existing security thresholds, ownership structures, and transaction histories. However, certain transaction details might not immediately appear in the interface until the new base contract is fully synchronized. Users must use the Safe interface to complete the migration:

1. Connect an existing signer wallet that is part of the Safe Account.
2. Import the old Safe configuration by entering its name and address.

During this process, certain indicators, such as “Base contract is not supported” and notifications within the Safe app interface, alert users about migrating from an unsupported contract. Once the alerts show up, users are required to:

• Open the migration2Singleton tab.
• Review and validate the migration transaction details under the transaction creation form.

Screenshots shared by Binance Chain developers on X showcase the confirmation step, which prompts users with an option to “Update Safe Account base contract.”

During migration execution, users will encounter warnings about the transaction, indicating that it won't immediately appear in the transaction history due to incompatibility with the current contract. The migration process may take a few minutes as the new version and nonce are reflected on the interface.

Once the migration is completed:

• Future transactions will be indexed as normal.
• Restrictions from the legacy contract are lifted.

The BNB Chain development team emphasized the importance of verifying transaction data during migration via external tools like Safe Utils or the Transaction Decoder. The migration, identified as migrateL2Singleton in SafeMigration 1.4.1, ensures that the new Safe contract aligns with the latest supported version on the BNB Chain.

Before executing the migration transaction, users must cross-check migration details against information in their connected wallets. The first signer is required to sign the transaction, after which other signers review and sign.

Key points for execution:

• All required signers must approve the transaction.
• The wallet’s current configuration determines the number of signatures needed.
• Transactions cannot proceed without the required approvals.

This process ensures that security remains intact while completing the migration.

The Binance team launched the multi-sig BNB Safe{Wallet} in October 2023. Built using the Gnosis Safe protocol, the wallet supported secure multi-signature operations, such as configurations where two out of three designated owners must approve transactions before execution.

About the Safe Protocol:

• It supports several EVM-compatible chains like Ethereum mainnet, Polygon, and BNB Smart Chain.
• Users need to connect a Web3 wallet (e.g., MetaMask) and switch to the BNB Smart Chain network (ChainID 56) to create a Safe wallet.
• A factory contract deploys the wallet on-chain as a counterfactual wallet, i.e., the address exists but is not live until activated with gas fees.

The Binance Chain developers have discouraged the creation of 1-of-1 Safe configurations, arguing that such setups function like regular wallets and undermine the primary purpose of multi-signature security. Instead, the Safe platform emphasizes enhanced security measures that require multiple private keys to validate transactions, ensuring that asset management remains robust and tamper-resistant.