The Binance Chain development team has announced that the current BNB Chain Multi-Signature (Multi-Sig) Wallet will soon be phased out and users will be asked to migrate their assets to the Safe Global platform through their X accounts.
In an update issued this week, the Binance Chain development team stated that the existing BNB Safe{Wallet} built on the Gnosis Safe protocol will be shut down in the coming weeks. The ongoing migration process will see users migrate their accounts to Safe Global, with continued support for BNB Smart Chain and other EVM-compatible networks.
“Your current BNB Chain multisig wallet will be deprecated soon. To keep your assets safe, you should migrate to Safe Global.” I wrote BNB Chain devs X account.
Gradual migration with secure interface
According to BNB Chain developers, the migration process will preserve users’ existing security thresholds, ownership structures, and transaction history. However, specific transaction details may not appear in the interface until the new agreement is fully synchronized.
Migration instructions can be accessed directly from the Safe interface. Users must connect to one of their existing signer wallets that is part of their Safe account and import the old Safe configuration by specifying its name and address.
After you add a signer, users will see one of three indicators that they are using an unsupported agreement: “The agreement is not supported” and a notification will appear in the Safe app interface: “Safe account was created with an unsupported agreement.”
Once the alert is displayed, the user collapses the migration2Singleton tab to view the transaction creation form, which displays the details of the migration transaction. According to a screenshot shared on X by Binance Chain developers, the transaction confirmation screen prompts users to “update their safe account agreement.”
There are several signs that indicate you have an unsupported contract.
a. “Master Agreement is not supported” warning
b. You will see a message in the top right corner that says “This safe account was created with an unsupported agreement”
c. “There is no basic contract… pic.twitter.com/BaL12QUvyZ— BNB Chain Developer (@BNBChainDevs) November 12, 2025
During execution, the system warns the wallet creator that the transaction will not immediately appear in the transaction history because “the current contract is not compatible.” BNB Chain developers claimed that the migration could take several minutes as the new version and nonces are reflected in the interface.
Once the migration is complete, future transactions will be indexed as usual and all restrictions associated with legacy contracts will be lifted. Developers encourage users to use external tools Safe Utils or Transaction Decoder to cross-validate transaction data during migration.
The migration transaction, identified as mergeL2Singleton in SafeMigration 1.4.1, ensures that the new Safe contract works with the latest supported version on the BNB chain. Before confirming the transaction, the user will be prompted to verify the migration details against the information displayed in the connected wallet. Once the data matches, the first signer can sign the transaction, and then other signers must also review and sign.
A migration transaction can only be executed after all required signers have approved it. Depending on the wallet’s existing configuration, the migration will not occur without the required number of authorization signatures.
BNB multisig wallet operation begins after 2 years of service
The Binance team multi sign BNB Safe{Wallet} on Binance Chain Network in October 2023. The wallet was created through the Gnosis Safe protocol, an Ethereum-based network founded in 2015 with over 200,000 validators. It is known for building decentralized applications like the CoW protocol.
A wallet requires multiple private keys to authorize a transaction, such as in a “2-of-3” configuration, where two out of three designated owners must approve the transaction before it can be performed. The secure protocol supports several EVM-compatible chains, including Ethereum Mainnet, Polygon, and BNB Smart Chain.
According to crypto enthusiast and Medium author Jung-Hua Liu, to create a secure wallet, users need to connect to a Web3 wallet such as MetaMask and switch to the BNB Smart Chain Network (ChainID 56). The connected wallet must contain enough BNB to cover deployment gas fees.
The Safe platform uses factory contracts to deploy new proxy wallets on-chain. This means that the address is reserved but not yet valid until the user activates the contract by paying gas.
Binance Chain developers are against creating 1-of-1 Safe. Because that configuration acts like a regular wallet, defeating the purpose of multi-signature security.
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